SAB profit rises 5% to SAR 2.13B in Q1 2025

Saudi Awwal Bank (SAB) reported a 5% rise in Q1 2025 net profit to SAR 2.13 billion from SAR 2.04 billion in the year-earlier period.

The positive performance was driven by an 8% increase in gross special commission income, primarily on loan growth. However, net special commission income was only higher by 5%, as special commission expense grew reflecting the growth in interbank borrowing and the increase in proportion of special commission expense bearing term deposits.

Total operating income increased mainly due to higher special net commission income, net fee and commission income and exchange income. In addition, there were lower losses on disposal of amortized cost and FVOCI debt instruments partially offset by lower gain from FVSI financial instruments.

On the other hand, total operating expenses increased by 2% mainly due to an increase in salaries and employee-related expenses.

Meanwhile, net provision for expected credit losses increased by SAR 61 million or 76%. Higher net provision charges on loans in the current quarter offset higher recoveries net of write-offs. In addition, there was a net increase in charges on off balance sheet exposures.

Sequentially, net profit grew slightly from SAR 2.12 billion in Q4 2024.

Total shareholders’ equity, excluding minority interest and sukuk, climbed to SAR 63.78 billion as of March 31, 2025, from SAR 59.03 billion a year earlier.

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