Saudi Awwal Bank (SAB) has reported a 16% rise in net profit for the first nine months of 2024, reaching SAR 5.9 billion, compared to SAR 5.1 billion in the same period last year.
Key financial highlights include an increase in net special commission income by 7.4%, reaching SAR 8.2 billion, and operating income rising by 9.8% to SAR 10.5 billion.
These gains were driven by a 24% year-on-year growth in gross special commission income, influenced by interest rate hikes and loan portfolio expansion.
Despite these gains, total operating expenses also rose, mainly due to higher salaries and employee-related costs. The bank’s net income for the third quarter of 2024 was SAR 1.9 billion, marking a 3% increase from SAR 1.83 billion in Q3 2023.
In Q3 2024, gross special commission income grew by 19% year-on-year, although this was partially offset by increased credit loss provisions, Zakat and income tax provisions, and operating expenses.
On the balance sheet front, SAB’s assets increased by 16.1% to SAR 395.35 billion, while customer deposits rose by 14.3% to SAR 260.63 billion. Loans also grew by 19.4% to SAR 252.4 billion. Total shareholders’ equity, excluding minority interest and Sukuk, stood at SAR 60.17 billion as of September 30, 2024.
