Saudi Awwal Bank (1060) Q3 2024 earnings summary

Executive summary

• Net income for the nine months ended 30 September 2024 reached SAR 5,944 million, up from SAR 5,145 million year-over-year.

• Total assets grew to SAR 395.3 billion as of 30 September 2024, compared to SAR 340.5 billion a year earlier.

• The bank maintained strong capital adequacy, with a Tier I + Tier II ratio of 18.78% as of 30 September 2024.

Financial highlights

• Operating income for the nine-month period was SAR 10,467 million, up from SAR 9,532 million year-over-year.

• Net special commission income rose to SAR 8,203 million from SAR 7,640 million year-over-year.

• Earnings per share for the nine months were SAR 2.78, compared to SAR 2.50 for the same period last year.

• Total equity increased to SAR 64.2 billion from SAR 55.5 billion a year earlier.

Outlook and guidance

• The bank continues to monitor economic developments and adjust risk appetites and limits as needed.

• No impairment indicators were identified for goodwill as of 30 September 2024.