Saudi Awwal Bank Delivers 15% Growth in Net Profit, Hitting a New Record of SAR 8.1 Billion for 2024

Ms. Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today the Bank’s financial results for the fiscal year 2024.

For the year ending December 31, 2024, SAB recorded a net profit after zakat and income tax of SAR 8,070 million, representing a 15% increase from the previous year. Total operating income also rose by 10%, reaching SAR 14,018 million. 

Lubna Olayan, Chair of SAB, commented: “Our 2024 results highlight the effectiveness of our strategic direction, with robust revenue growth, solid loan performance, and a Return on Tangible Equity (RoTE) of 16%. With a strong capital base, funding capacity and innovation continuing to define our work at SAB, we remain well-positioned to support our clients and the broader economy.”

Net loans and advances surged to SAR 259 billion, marking a 20% year-on-year increase with gross loans reaching SAR 266 billion. The corporate portfolio notably crossed the SAR 200 billion threshold in December, reflecting our strong support for Vision 2030 infrastructure programs and a diverse lending mix. Retail mortgages continued to perform exceptionally well, contributing to our overall growth with a closing portfolio of SAR 35 billion. SAB’s entire lending portfolio is now over 66% higher than at the start of the strategy, with significantly improved market share. 

At the same time, SAB maintained its strong leadership in the trade finance sector while also achieving accelerated growth in the SME segment. 

Ms. Olayan added: “In alignment with the Kingdom’s needs as it relates to innovation and digital banking, and as set forth by SAMA, SAB has established a dedicated department focused on financial innovation, and has proactively launched and participated in several initiatives to position ourselves as leaders, such as CBDC, Quantum Computing and open banking. In addition, despite the uncertain outlook on interest rates and a dynamic macro environment, our strategic investments and partnerships position us to take advantage of emerging opportunities in the market.   We therefore remain optimistic about the future and the delivery of our medium-term-outlook.”

Aligned with its growth strategy, SAB has intensified its focus on innovation, enhancing customer experiences and expanding digital services. SAB has once again been recognized for its efforts in innovation, receiving the Global Review for Banking and Finance’s “Excellence in Innovation” award for 2024. Improvements in net promoter scores across our business reflect the enhanced customer experience and the steps we have taken to improve our operational efficiency. 

Ms. Olayan concluded: “Our strong financial results and strategic partnerships – in particular with HSBC – empower us to capitalize on future opportunities. I would like to express my gratitude to my colleagues on the Board, senior management, and all SAB staff for their service and dedication. I would also like to extend my sincere thanks to the Saudi government and our regulators for their continued support, and to our valued customers for their trust in SAB.”