Saudi Awwal Bank (SAB) reported a 45% surge in net profit to SAR 7 billion in 2023, compared to SAR 4.82 billion in the previous year, driven by an increase in total operating income.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 7,408.29 | 10,341.47 | 39.6 % |
| Operating Income | 9,541.63 | 12,710.46 | 33.2 % |
| Total Provisions | (445.26) | (562.44) | (26.3 %) |
| Net Income | 4,827.61 | 7,002.37 | 45.0 % |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | 2.35 | 3.41 | 45.0 % |
| EPS Diluted (Riyals) | 2.35 | 3.41 | 45.1 % |
Gross special commission income jumped 83% year-on-year (YoY) on the back of interest rate hikes and volume growth mainly from loans. As a result, the net special commission income increased by 40% YoY. In addition, the bank report an increase in net fee and commission income and exchange income.
The profit rise was limited by an increase in total operating expenses as salaries and employee-related expenses rose, along with depreciation, amortization, and general and administrative expenses.
SAB posted higher Zakat, income tax and expected credit losses provisions.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Net Special Commission Income | 2,291.54 | 2,701.54 | 17.9 % |
| Operating Income | 2,780.59 | 3,178.87 | 14.3 % |
| Debt Provisions | (212.07) | (50.58) | 76.2 % |
| Net Income | 1,234.18 | 1,857.63 | 50.5 % |
| Average Shares | 2,054.80 | 2,054.80 | - |
| EPS (Riyals) | 0.60 | 0.90 | 50.5 % |
| EPS Diluted (Riyal) | 0.60 | 0.90 | 50.0 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Assets | 314.40 | 356.64 | 13.4 % |
| Customer Deposits | 214.28 | 240.94 | 12.4 % |
| Loan | 183.13 | 215.94 | 17.9 % |
The fourth-quarter net profit jumped 51% YoY to SAR 1.85 billion.
Sequentially, Q4 earnings edged up 1.5% from SAR 1.83 billion.
Shareholders equity, excluding minority interest, rose to SAR 61.9 billion as of Dec. 31, 2023, from SAR 54.63 billion in 2022.
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