Dubai, UAE — SAB Alawwal has posted the first quarter profit of SAR 1.7 billion ($469 million), an increase of 76 percent compared to the same period last year.
The bank’s total operating income grew by 60 percent to SAR 3.21 billion net customer advances by 8 percent to SAR 191 billion.
Lubna S. Olayan, Chair of the Board of Directors of SAB Alawwal, said both were a record for the bank.
Olayan said, “Loan growth across our retail and corporate businesses was exceptional, and in line with the market, and the corporate, retail and treasury businesses each showed strong revenue growth, while we continued to improve our banking offering through continued digital transformation.”
SAB Alawwal came into being after the merger of Saudi British Bank (SABB) and Alawwal Bank two years ago.
“Growing the customer lending portfolio is a key strategic focus, and the bank saw four percent growth in loans. Our corporate business remains strong and we saw growth across a number of sectors, with activity related to some of the landmark Vision 2030 giga projects continuing at pace, which bodes well for our future pipeline,” Olayan said.