Saudi Awwal Bank’s net profit rises 4.5% to $569 million in Q1 2025 thanks to higher operating income
Saudi Awwal Bank (SAB) said its net profit for the first quarter rose by 4.5% compared to last year, reaching $569.1 million (SAR 2.1 billion), according to a stock market filing shared on Sunday.
First-Quarter Results
SAB said its big jump in net profit came from higher total operating income, even though it also spent more on covering possible credit losses and other expenses, according to a filing on the Saudi Exchange (Tadawul).
Total operating income for the first quarter of 2025 grew by 5%, reaching $964.9 million (SAR 3.6 billion). This increase was mainly because of higher earnings from special commissions, fees, and currency exchange.
SAB’s income from special financing commissions went up by 3.6% compared to last year, reaching $706.3 million (SAR 2.6 billion). Income from special investment commissions jumped by 24.5% to $50.1 million (SAR 188 million).
At the same time, total operating expenses rose by 2% to $285.4 million (SAR 1.07 billion), mostly because of higher salaries and employee-related costs.
Shares Up
SAB’s share price increased by 1.13% to $9.50 (SAR 35.80) at 12:26 PM AST on April 27, 2025.
Background
SAB, originally called the Saudi British Bank, was founded in 1978. It merged with Alawwal Bank in 2019 and changed its name to Saudi Awwal Bank in April 2023. Today, the bank runs 103 branches and has 4,062 employees in Saudi Arabia.
In December, SAB raised about $1.06 billion through a private sale of riyal-denominated Additional Tier-1 sukuk. The first part of the offering brought in $971.3 million (SAR 3.65 billion), and the second part raised $93.1 million (SAR 350 million).
Published: 28th April 2025
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