Saudi Awwal Bank 2023 profit rises 45% to $1.9bln; beats estimate

Saudi Awwal Bank 2023 profit rises 45% to $1.9bln; beats estimate



Riyadh-headquartered Saudi Awwal Bank (SAB) reported a 45% increase in net profit to 7 billion Saudi riyals ($1.87 billion) in 2023, compared with SAR4.82 billion a year earlier. The net profit beat analysts’ mean estimate of SAR 6.85 billion, according to LSEG data. The higher profit was primarily driven by an increase in total operating income although partially offset by an increase in total operating expenses and provision for expected credit losses, the lender said in a statement to the Saudi stock exchange on Thursday. Customer deposits rose 12% year-on-year (YoY) to SAR 241 billion as of December 31, 2023. Loans and advances climbed 18% YoY to SAR 215.94 billion by the end of last year. (Editing by Brinda Darasha; [email protected]) Saudi Awwal Bank 2023 profit rises 45% to $1.9bln; beats estimate