Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), has announced the bank’s financial results for the period ending 31 March, 2025. The announcement highlights a 5% year-on-year increase in net profit after zakat and income tax, reaching SR2,135 million for the first three months of 2025. Total operating income also rose by 5% to SR3,620 million.

Ms. Olayan expressed confidence in Saudi Arabia’s growth story, emphasizing SAB’s role in supporting this growth through disciplined and quality-focused funding. The bank experienced significant growth in total loans, with an 8% increase quarter-on-quarter, driven by a 6% rise in retail loans and an 8% increase in corporate activity. Net loans and advances reached SR279 billion, marking a 22% growth from SR229 billion in 1Q24. Customer deposits also saw an increase, rising to SR290 billion, a 9% increase from SR266 billion in 1Q24. Total equity rose by 14% from SR63 billion in 1Q24 to SR72 billion.

Despite a lower interest rate environment, SAB's net special commission income continued to grow, showcasing the bank's resilience and operational strength. SAB prides itself on being the partner of choice for internationally-minded customers and plays a leading role in supporting the increasing number of cross-border customers in the Kingdom.

Effective cost management relative to income growth has been maintained, as indicated by positive jaws. Asset quality remains strong, with loan growth well-matched by strong deposit capture, ensuring a healthy funding base and a resilient capital position. This translated into a return on tangible equity of 15.8%. SAB also had an exceptional quarter in corporate loan originations diversified across several key sectors, with the mortgage business achieving its best quarter since 1Q24, closing with a mortgage portfolio of SR38 billion, doubling in size since SAB commenced the strategy.

SAB was recognized as the “Sustainability Program of the Year 2024” at the Saudi Capital Markets Forum, marking it as the first financial institution in the Kingdom to receive this recognition. This award acknowledges the bank’s role in advancing environmental, social, and corporate governance practices within the Saudi economy and market. Global Finance also honored SAB as the “Best Trade Finance Provider” for the fifth consecutive year.

Ms. Olayan highlighted that these results reflect SAB's strategic direction, characterized by robust revenue growth and solid loan performance. The bank's commitment to innovation and sustainability, along with its strategic partnership with HSBC, positions it well to capitalize on future opportunities. She thanked the board members, senior management team, employees, regulators (the Saudi Central Bank and the Capital Market Authority) for their guidance and assistance.

Saudi Awwal Bank (SAB), with over 90 years of history in Saudi Arabia, is one of the largest banks in the Kingdom and has been an active partner in supporting the Kingdom’s economic growth and social development. SAB is a leading corporate and institutional international bank, offering integrated financial and banking services, including corporate banking, investment, private banking, and treasury. The bank’s paid-up capital is SR 20.5 billion. SAB operates under the supervision and regulation of the Saudi Central Bank and is a partner of the HSBC Group.