SAB profit jumps 45% to SAR 7B in 2023; Q4 at SAR 1.85B

08/02/2024 Argaam Exclusive

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Saudi Awwal Bank (SAB) reported a 45% surge in net profit to SAR 7 billion in 2023, compared to SAR 4.82 billion in the previous year, driven by an increase in total operating income.

Financials (M)

Item	2022	2023	Change‬
Net Special Commission Income	7,408.29	10,341.47	39.6 %
Operating Income	9,541.63	12,710.46	33.2 %
Total Provisions	(445.26)	(562.44)	(26.3 %)
Net Income	4,827.61	7,002.37	45.0 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	2.35	3.41	45.0 %
EPS Diluted (Riyals)	2.35	3.41	45.1 %

Gross special commission income jumped 83% year-on-year (YoY) on the back of interest rate hikes and volume growth mainly from loans. As a result, the net special commission income increased by 40% YoY. In addition, the bank report an increase in net fee and commission income and exchange income.

The profit rise was limited by an increase in total operating expenses as salaries and employee-related expenses rose, along with depreciation, amortization, and general and administrative expenses.

SAB posted higher Zakat, income tax and expected credit losses provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Net Special Commission Income	2,291.54	2,701.54	17.9 %
Operating Income	2,780.59	3,178.87	14.3 %
Debt Provisions	(212.07)	(50.58)	76.2 %
Net Income	1,234.18	1,857.63	50.5 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.60	0.90	50.5 %
EPS Diluted (Riyal)	0.60	0.90	50.0 %

Item	Q3 2023	Q4 2023	Change‬
Net Special Commission Income	2,578.56	2,701.54	4.8 %
Operating Income	3,247.28	3,178.87	(2.1 %)
Debt Provisions	(144.38)	(50.58)	65.0 %
Net Income	1,830.33	1,857.63	1.5 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.89	0.90	1.5 %
EPS Diluted (Riyal)	0.89	0.90	1.4 %

Balance Sheet (B)

Item	2022	2023	Change‬
Assets	314.40	356.64	13.4 %
Customer Deposits	214.28	240.94	12.4 %
Loan	183.13	215.94	17.9 %

The fourth-quarter net profit jumped 51% YoY to SAR 1.85 billion.

Sequentially, Q4 earnings edged up 1.5% from SAR 1.83 billion.

Shareholders equity, excluding minority interest, rose to SAR 61.9 billion as of Dec. 31, 2023, from SAR 54.63 billion in 2022.

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