Riyadh – Mubasher: Saudi Awwal Bank (SAB) recorded an annual hike of 45.09% in net profit to SAR 7 billion in 2023, compared to SAR 4.82 billion.

The lender witnessed 12.44% year-on-year (YoY) higher clients’ deposits at SAR 240.94 billion as of 31 December 2023, versus SAR 214.27 billion.

Earnings per share (EPS) increased to SAR 3.41 last year from SAR 2.35 in 2022, according to the financial results.

The assets surged by 13.43% to SAR 356.64 billion in 2023 from SAR 314.40 billion a year earlier, while the investments jumped by 11.81% to SAR 96.56 billion from SAR 86.36 billion.

In the January-September 2023 period, SAB logged 43.23% YoY higher net profits at SAR 5.14 billion, compared to SAR 3.59 billion.