SAB's 2024 profit rises 15% to SAR 8.1B; Q4 at SAR 2.1B

02/02/2025 Argaam Exclusive

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Saudi Awwal Bank (SAB) reported a net profit of SAR 8.1 billion for 2024, an increase of 15.2% from SAR 7 billion in the year before.

Financials (M)

Item	2023	2024	Change‬
Net Special Commission Income	10,341.47	11,023.00	6.6 %
Operating Income	12,710.46	14,018.00	10.3 %
Total Provisions	(562.44)	(566.00)	(0.6 %)
Net Income	7,002.37	8,070.00	15.2 %
Average Shares	2,054.80	2,054.80	-
Earnings Per Share before unusual items	3.41	3.93	15.2 %
EPS (Riyals)	3.41	3.93	15.2 %
EPS Diluted (Riyals)	3.41	3.78	10.9 %

The profit growth was driven by a leap of 20% year-on-year (YoY) in gross special commission income due to an increase in corporate and individual loans, while net commission income increased by only 7% YoY due to higher commission expenses linked to rising interest rates and term deposit commissions.

Operating income also saw growth, supported by higher net commission income, fee and commission income, foreign exchange income, and income from financial instruments at fair value through profit or loss.

These gains were partly offset by higher operating expenses and tax fees.

Operating expenses increased mainly due to higher employee-related costs, while provisions for expected credit losses rose by 1% YoY, as lower recoveries countered impairment losses.

On a quarterly basis, net profit grew by 14.4%, from SAR 1.85 billion in Q3 2024. Profits also rose by 12.9% from SAR 1.88 billion in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Net Special Commission Income	2,701.54	2,819.88	4.4 %
Operating Income	3,178.87	3,551.20	11.7 %
Debt Provisions	(50.58)	(64.22)	(27.0 %)
Net Income	1,857.63	2,125.56	14.4 %
Average Shares	2,054.80	2,054.80	-
Earnings Per Share before unusual items	0.90	1.03	14.4 %
EPS (Riyals)	0.90	1.03	14.4 %
EPS Diluted (Riyal)	0.90	1.00	11.1 %

Item	Q3 2024	Q4 2024	Change‬
Net Special Commission Income	2,761.23	2,819.88	2.1 %
Operating Income	3,527.77	3,551.20	0.7 %
Debt Provisions	(308.90)	(64.22)	79.2 %
Net Income	1,883.17	2,125.56	12.9 %
Average Shares	2,054.80	2,054.80	-
Earnings Per Share before unusual items	0.92	1.03	12.9 %
EPS (Riyals)	0.92	1.03	12.9 %
EPS Diluted (Riyal)	0.88	1.00	13.6 %

Balance Sheet (B)

Item	2023	2024	Change‬
Assets	356.64	399.44	12.0 %
Customer Deposits	253.46	267.01	5.3 %
Loan	215.94	259.35	20.1 %

Shareholders’ equity, no minority interest and after deducting sukuk, rose to SAR 64.3 billion as of Dec. 31, 2024, from SAR 57.9 billion a year earlier.

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Quarterly Actuals vs Estimates 02/02/202502/02/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SAB	1,953.90	2,125.56	8.8 %
BJAZ	331.57	280.29	(15.5 %)

Company	Estimated	Actual	Change
SAB	1,953.90	2,125.56	8.8 %

Company	Estimated	Actual	Change
BJAZ	331.57	280.29	(15.5 %)

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