SAB profit leaps 16% to SAR 2,043M in Q1 2024

Saudi Awwal Bank (SAB) reported a 16% jump in Q1 2024 net profit to SAR 2.04 billion from SAR 1.76 billion in the year-earlier period.

The annual profit growth was primarily driven by an uptick in the gross operating income and the lower credit loss provision. This was partially offset by a rise in the Zakat and income tax provision and higher operating expenses.

The gross operating income grew YoY during the first three months of 2024 mainly due to the increased net special commission income, net fee and commission income, and exchange income. This was partially offset by a surge in losses on amortized cost investments.

Meanwhile, the first-quarter gross operating expenses increased primarily on higher salaries and employee-related expenses as well as depreciation and amortization. This was offset by lower general and administrative expenses.

Sequentially, net profit grew 10% from SAR 1.85 billion in Q4 2023.

Total shareholders’ equity, excluding minority interest and Sukuk, climbed to SAR 59.03 billion as of March 31, 2024, from SAR 57.03 billion a year earlier.

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