Top Saudi bank SAB’s net income soars to $879mln in H1

Top Saudi bank SAB’s net income soars to $879mln in H1

Saudi Awwal Bank (SAB) has delivered solid results for the first six months of the year with its net income surging by 59% to hit SR3.3 billion ($479 million), while its net profit before zakat and tax grew 61% over last year.

Announcing its results for the first six months of the period ended June 30, 2023, SAB said its total operating income reached SR6.2 billion, up 48% over last year.

Displaying strong performance, its gross loan portfolio exceeded SR200 billion for the first time in the bank’s history.

SAB (formerly Saudi British Bank - SABB) is one of the largest banks in Saudi Arabia dating back nearly 100 years and has since been an active partner in supporting the kingdom's economic growth and social development.

It offers a variety of financial and banking services, including corporate and investment banking, private banking and treasury service

SAB’s corporate and institutional business experienced 9% loan growth across several sectors, and the mortgage portfolio, a key part of SAB’s diversification strategy, grew 10% year-to-date, said the statement from the bank.

Customer deposits increased to SR223 billion, climbing 4% from Q4 2022 and 7% from H1 2022, and H1 net customer advances reached SR199 billion, a leap of 8% from