Saudi: SAB reports 22.5% increase in H1-24 profits

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Saudi Awwal Bank (SAB) registered an annual growth of 22.54% in net profit to SAR 4.06 billion during the first half (H1) of 2024, compared to SAR 3.31 billion.

Earnings per share (EPS) increased to SAR 1.90 in H1-24 from SAR 1.61 in H1-23, according to the initial financial results.

The clients' deposits reached SAR 264.42 billion as of 30 June 2024, higher by 18.71% year-on-year (YoY) than SAR 222.73 billion.

Assets widened by 14.14% YoY to SAR 382.29 billion in H1-24 from SAR 334.91 billion, whereas the investments declined by 1.81% YoY to SAR 91.83 billion from SAR 93.53 billion.

Income Statements for Q2-24

In the second quarter (Q2) of 2024, the net profits of SAIB hit SAR 2.01 billion, up 30.19% from SAR 1.55 billion a year earlier.

Quarterly, the Q2-24 net profits retreated by 1.22% from SAR 2.04 billion as of 31 March 2024.