SAB performance robust in Q1; outlook positive on Saudi economy: CEO

Tony Cripps, CEO of Saudi Awwal Bank (SAB)

Saudi Awwal Bank’s (SAB) performance was robust during Q1 2024, building on the growth momentum witnessed in 2023, CEO Tony Cripps told Argaam.

He added that the bank’s real estate credit portfolio rose 30% year-on-year (YoY), while corporate loans reported strong growth during the quarter.

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Cripps stated that SAB's balance sheet was the fastest growing among Saudi banks in the first quarter, expecting this growth trajectory to persist throughout the year.

The bank's strategic plans are aligned with the expectations of two interest rate cuts by the US Fed by the end of 2024, he said, pointing out that the move will be favorable, especially if the inflation levels decline during the second half of 2024.

Meanwhile, Cripps noted that SAB has an optimistic outlook towards Saudi Arabia’s overall economic landscape, which bodes well for the financial sector.

According to data compiled by Argaam, SAB reported a net profit of SAR 2.04 billion in Q1 2024, a 16% YoY increase from SAR 1.76 billion a year earlier.