SAB profit leaps 59% to SAR 3.31 bln in H1 2023; Q2 at SAR 1.55 bln

27/07/2023 Argaam Exclusive

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Saudi Awwal Bank (SAB) reported a 59% jump in H1 2023 net profit to SAR 3.31 billion from SAR 2.08 billion in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Special Commission Income	3,131.91	5,061.38	61.6 %
Operating Income	4,254.46	6,284.32	47.7 %
Total Provisions	(195.68)	(367.49)	(87.8 %)
Net Income	2,088.89	3,314.42	58.7 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	1.02	1.61	58.7 %
EPS Diluted (Riyals)	1.02	1.61	58.9 %

SAB’s operating income increased mainly due to an increase in net special commission income, income from FVSI financial instruments, foreign exchange income and net fee and commission income. This was partially offset by higher net losses from non-FVSI investment and a decrease in net income from other operations.

The bank made a profit of SAR 1.55 billion in Q2 2023, a rise of 43% from SAR 1.08 billion in Q2 2022, backed by higher total operating income. This was offset by a surge in provision for Zakat and income tax, including previous years Zakat provisions, total operating expenses, and provision for expected credit losses.

SAB’s net profit dropped by 12.2% from SAR 1.76 billion in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Special Commission Income	1,718.26	2,527.34	47.1 %
Operating Income	2,241.94	3,066.74	36.8 %
Debt Provisions	(135.90)	(138.52)	(1.9 %)
Net Income	1,082.67	1,549.85	43.2 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.53	0.75	43.2 %
EPS Diluted (Riyal)	0.53	0.75	43.2 %

Item	Q1 2023	Q2 2023	Change‬
Net Special Commission Income	2,534.04	2,527.34	(0.3 %)
Operating Income	3,217.57	3,066.74	(4.7 %)
Debt Provisions	(228.96)	(138.52)	39.5 %
Net Income	1,764.57	1,549.85	(12.2 %)
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.86	0.75	(12.2 %)
EPS Diluted (Riyal)	0.86	0.75	(12.2 %)

Total shareholders’ equity, no minority interest, increased to SAR 56.69 billion as of June 30, 2023, from SAR 53.80 billion a year earlier.

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	302.54	334.91	10.7 %
Customer Deposits	207.45	222.73	7.4 %
Loan	176.21	198.67	12.7 %

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