SAB net profit rises 23% to SAR 4.06B in H1 2024; Q2 at SAR 2.01B

05/08/2024 Argaam Exclusive

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Saudi Awwal Bank (SAB) reported SAR 4.06 billion in net profit for H1 2024, a rise of 23% from SAR 3.31 billion in the corresponding period last year.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Net Special Commission Income	5,061.38	5,441.89	7.5 %
Operating Income	6,284.32	6,939.03	10.4 %
Total Provisions	(367.49)	(192.87)	47.5 %
Net Income	3,314.42	4,061.28	22.5 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	1.61	1.98	22.5 %
EPS Diluted (Riyals)	1.61	1.90	17.8 %

The annual profit rise came thanks to the 26% year-on-year (YoY) hike in the first-half gross special commission income, driven mainly by the impact of interest rate hikes and increased borrowing. Net commission income also climbed 8% YoY for the same period amid higher special commission expenses on term deposits.

This is in addition to the 48% YoY decline in the provision for expected credit losses during the current six-month period, besides a lower provision for Zakat and income tax.

Moreover, the bank’s H1 2024 operating income advanced YoY due to higher net fees and commission income, foreign exchange income and gains on financial instruments at fair value through other comprehensive income (FVOCI).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Net Special Commission Income	2,527.34	2,733.13	8.1 %
Operating Income	3,066.74	3,491.61	13.9 %
Debt Provisions	(138.52)	(112.22)	19.0 %
Net Income	1,549.85	2,018.26	30.2 %
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.75	0.98	30.2 %
EPS Diluted (Riyal)	0.75	0.94	24.6 %

Item	Q1 2024	Q2 2024	Change‬
Net Special Commission Income	2,708.75	2,733.13	0.9 %
Operating Income	3,447.42	3,491.61	1.3 %
Debt Provisions	(80.66)	(112.22)	(39.1 %)
Net Income	2,043.02	2,018.26	(1.2 %)
Average Shares	2,054.80	2,054.80	-
EPS (Riyals)	0.99	0.98	(1.2 %)
EPS Diluted (Riyal)	0.96	0.94	(2.1 %)

In Q2 2024, net earnings leapt by 30% to SAR 2.01 billion, from SAR 1.55 billion in Q2 2023.

Sequentially, SAB’s bottom line tumbled 1.2% from SAR 2.04 billion in Q1 2024.

Balance Sheet (B)

Item	6m 2023	6m 2024	Change‬
Assets	334.91	382.30	14.2 %
Customer Deposits	222.73	264.43	18.7 %
Loan	198.67	241.55	21.6 %

Shareholders' equity, with no minority interest and sukuk, amounted to SAR 58.75 billion by the end of June 30, 2024, compared to SAR 56.69 billion in the prior-year period.

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