SAB’s net profit for Q1 up 76%; revenue soars to record $878mln

SAB’s net profit for Q1 up 76%; revenue soars to record $878mln

Saudi Awwal Bank (formerly Saudi British Bank - SABB) has announced that it has delivered solid results for the first quarter with a 76% jump in its net profit over last year hitting a record SR1.8 billion ($479 million), while its operating income surged to SR3.2 billion ($878 million).

Announcing its results for the first three months of the year ended March 31, 2023, SAB said it is continuing its growth along the trajectory on which the bank ended 2022.

Growing the customer lending portfolio is a key strategic focus for the bank, which has seen a 4% growth in loans.

The bank's net customer advances for the first quarter soared to hit SR191 billion, up 8% over last year and up 4% on Q4, while its customer deposits for the three-month period surged by 17% to SR225.9 billion and up 5% on Q4.

The shareholders’ equity too witnessed a rise hitting SR57 billion, up 6% over last year and up 4% on Q4.

On its solid performance, SABB Board of Directors Chairperson Lubna S. Olayan said: "Our corporate business remains strong and we saw growth across a number of sectors, with activity related to some of the landmark Vision 2030 giga projects continuing at