Saudi Awwal Bank’s net profits exceed $1.57bln in 9M-24

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Saudi Arabia 100 riyals banknotes, The Saudi riyal is the currency of Saudi Arabia, Saudi kingdom one hundred riyals with the photo of king Salman Bin Abdulaziz and Madinah Prophet mosque, selective focus. Image used for illustrative purpose. Getty Images

Riyadh – Saudi Awwal Bank (SAB) posted 15.52% higher net profits at SAR 5.94 billion in the first nine months (9M) of 2024, compared to SAR 5.14 billion in 9M-23.

Earnings per share (EPS) jumped to SAR 2.78 in 9M-24 from SAR 2.50 a year earlier, according to the interim financial statements.

As of 30 September 2024, the clients’ deposits reached SAR 260.63 billion, an annual increase of 14.28% from SAR 228.05 billion.

Assets climbed by 16.11% to SAR 395.34 billion in 9M-24 from SAR 340.47 billion in 9M-23, while investments grew by 10.03% to SAR 97.70 billion from SAR 88.79 billion.

Financials for Q3-24

The Saudi lender logged net profits valued at SAR 1.88 billion in the third quarter (Q3) of 2024, up 2.89% year-on-year (YoY) from SAR 1.83 billion.

Quarterly, the Q3-24 profits declined by 6.68% from SAR 2.01 billion in Q2-24.