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Saudi Awwal Bank logs SAR 3.31bn profits in H1-23

Saudi Awwal Bank logs SAR 3.31bn profits in H1-23
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4.63% 35.00 1.55

Riyadh – Mubasher: Saudi Awwal Bank (SAB) recorded a 58.87% hike in net profit to SAR 3.31 billion during the first half (H1) of 2023, compared to SAR 2.08 billion in H1-22.

The lender witnessed 7.37% higher clients’ deposits at SAR 222.73 billion during January-June 2023, versus SAR 207.45 billion in the year-ago period.

Earnings per share (EPS) climbed to SAR 1.61 as of 30 June 2023 from SAR 1.02 a year earlier, according to the initial financial results.

Assets jumped by 10.70% to SAR 334.91 billion in H1-23 from SAR 302.53 billion in H1-22, while investments enlarged by 28.01% to SAR 93.53 billion from SAR 73.06 billion.

Income Statements for Q2-23

During April-June 2023, the bank's net profits amounted to SAR 1.55 billion, marking a 43.25% leap from SAR 1.08 billion in the second quarter (Q2) of 2022.

Meanwhile, the Q2-23 net profits shrank by 12.18% from SAR 1.76 billion in Q1-23.

It is worth highlighting that Saudi British Bank (SABB) changed its name to Saudi Awwal Bank two years after its merger with Alawwal Bank.