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Saudi Gazette
2 days ago
- Business
- Saudi Gazette
Saudi Awwal Bank records SR4.3 billion net profit after Zakat and Income Tax for H1 2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today its financial results for the six-month period ending 30 June 2025, reflecting steady growth across key indicators and continued momentum in SAB's strategic transformation. For the first six months of 2025, SAB generated a net profit after Zakat and income tax of SR4.262 billion, reflecting a 5% year-on-year increase. Total operating income rose to SR7,341 million, supported by higher loan volumes and a strong deposit base. Net loans and advances reached SR283 billion, and customer deposits increased to SR297 billion. Return on tangible equity stood at 15.5%, aligned with the Bank's medium-term performance targets. Lubna Olayan, Chair of SAB, said: 'Our H1 performance demonstrates consistent delivery against our long-term strategy. In a changing macroeconomic environment, we remained focused on what matters most: serving customers, improving efficiency, and building resilience. The momentum across our lending and funding platforms reflects the depth of our capabilities and the strength of execution across the Bank.' She added: 'From operational discipline to digital innovation, we are investing in future-ready banking. Our performance is not just a reflection of market conditions, but rather a result of deliberate choices that support long-term value creation for our stakeholders.' In the first half of 2025, SAB made significant strides in advancing its strategic objectives. The Bank achieved a 9% increase in total loans, reflecting robust growth across our well-respected large and institutional corporate segments, as well as retail, housing, and SME segments. The mortgage growth supported SAB's continued leadership in the national homeownership initiative, maintaining its #3 ranking in REDF originations under Vision 2030. Our strong relationship with HSBC also enables us to capture significant share of the flow of multinationals coming into the Kingdom, which results in both lending and increased off balance sheet commitments. Operational efficiencies contributed to an improved cost-to-income ratio, driven by disciplined management and digital process enhancements. Additionally, SAB strengthened its deposit base and liquidity buffers, ensuring we remain a well-funded Bank to support future growth aspirations. The Bank also maintained strong asset quality and continued to generate solid returns, demonstrating its stability and ongoing progress toward strategic goals. The Bank earned several notable industry recognitions in the same period, including the Best Bank in Saudi Arabia for 2025 by Euromoney. It also received awards for Best Innovation in Financial Performance and Best Bank for ESG, among others. As part of its transformation journey, SAB launched a World-Class Financial Services Innovation Centre in 2025. The centre is designed to accelerate innovation in digital banking, customer experience, and promote sustainable finance, further anchoring SAB's leadership in shaping the future of financial services in the Kingdom. Olayan concluded: 'SAB's strategy is built on innovation, trust, and long-term impact. Our strong performance, combined with the depth of our partnerships and the confidence of our customers, positions us well for the future. I thank our team, our Board, our regulators, and our clients for their continued support as we drive progress on all fronts.'
The Star
11-07-2025
- The Star
Witness: MACC bosses knew of payments to Lim
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer informed his superiors about money paid to Lim Guan Eng in connection with the Penang undersea tunnel project case, the Sessions Court heard. Senior Supt Ng Heng Jun testified that during a fraud investigation on Dec 9, 2019, Datuk Zarul Ahmad Mohd Zulkifli, then Consortium Zenith Construction Sdn Bhd director, revealed he had given money to Lim and G. Gnanaraja. 'Zarul only told me in general terms about the money given to Lim. I was not involved in the investigation on the money given to Lim because the case was handled by another investigating officer. 'I then reported the matter to MACC superiors, and was informed that a special investigation would be conducted on the case,' said Ng, who is the investigating officer in the RM19mil fraud case involving Gnanaraja, Bernama reported. The 36th prosecution witness said this during re-examination by DPP Farah Yasmin Salleh in the corruption case involving the construction of a major road and undersea tunnel project in Penang worth RM6.3bil involving Lim, the former Penang chief minister. Ng said he never stopped Zarul Ahmad, the 23rd prosecution witness, from giving evidence to MACC regarding the money given to Lim. 'I asked him (Zarul Ahmad) to give evidence on the handing over of money to Lim for the case against Lim because I don't want his evidence to be mixed up with the case I am investigating as the two cases are different,' he said. According to the amended first charge, Lim, 64, is charged in his capacity as the then chief minister of abusing his position to receive a RM3.3mil bribe to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10% bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The offence allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30am and 2am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8mil to a developer linked with the undersea tunnel project. The offences were allegedly committed at the Penang Lands and Mines Office, Komtar, on Feb 17, 2015 and March 22, 2017. The hearing before Judge Azura Alwi continues on July 22.
The Star
10-07-2025
- Politics
- The Star
I told superiors about money allegedly given to Guan Eng, MACC officer tells court
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) told the Sessions Court here Thursday (July 10) that he had informed his superiors about Datuk Zarul Ahmad Mohd Zulkifli's statement over money paid to Lim Guan Eng in connection with the Penang undersea tunnel project case. MACC Senior Superintendent Ng Heng Jun said during a fraud investigation on Dec 9, 2019, Zarul Ahmad, who was then the director of Consortium Zenith Construction Sdn Bhd (CZCSB), revealed that he had given money to both G. Gnanaraja and Lim. "Datuk Zarul only told me in general terms about the money given to Lim. I was not involved in the investigation into the money given to Lim because the case was handled by another investigating officer. "I then reported the matter to my MACC superiors, and I was informed that a special investigation would be conducted into the case," said Ng, who is the investigating officer in the RM19mil fraud case involving Gnanaraja. The 36th prosecution witness said this during re-examination by Deputy Public Prosecutor Farah Yasmin Salleh at the trial of the corruption case involving the construction of a major road and undersea tunnel project in Penang worth RM6.3bil, involving the former Penang chief minister. Ng said he never stopped Zarul Ahmad, who is the 23rd prosecution witness, from giving evidence to the MACC regarding the money given to Lim. "I asked him (Zarul Ahmad) to give evidence regarding the handing over of money to Lim for the case against Lim because I don't want Datuk Zarul's evidence to be mixed up with the case I am investigating because the two cases are different," he said. According to the amended first charge, Lim, 64, is charged in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3mil to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10% bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The offence allegedly took place near the Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30am and 2am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8mil, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017. The hearing before Judge Azura Alwi continues on July 22. - Bernama
New Straits Times
10-07-2025
- New Straits Times
Witness says he told MACC superiors about payments given to Lim Guan Eng
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) told the Sessions Court here today that he had informed his superiors about Datuk Zarul Ahmad Mohd Zulkifli's statement over money paid to Lim Guan Eng in connection with the Penang undersea tunnel project case. MACC Senior Superintendent Ng Heng Jun said during a fraud investigation on Dec 9, 2019, Zarul Ahmad, who was then the director of Consortium Zenith Construction Sdn Bhd (CZCSB), revealed he had given money to both G. Gnanaraja and Lim. "Datuk Zarul only told me in general terms about the money given to Lim. I was not involved in the investigation into the money given to Lim because the case was handled by another investigating officer. "I then reported the matter to the MACC superiors, and I was informed that a special investigation would be conducted into the case," said Ng, who is the investigating officer in the RM19 million fraud case involving Gnanaraja. The 36th prosecution witness said this during re-examination by deputy public prosecutor Farah Yasmin Salleh at the trial of the corruption case involving the construction of a major road and undersea tunnel project in Penang worth RM6.3 billion, involving the former Penang chief minister. Ng said he never stopped Zarul Ahmad, who is the 23rd prosecution witness, from giving evidence to the MACC regarding the money given to Lim. "I asked him (Zarul Ahmad) to give evidence regarding the handing over of money to Lim for the case against Lim because I don't want Datuk Zarul's evidence to be mixed up with the case I am investigating, because the two cases are different," he said. According to the amended first charge, Lim, 64, is charged in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3 million to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10 per cent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The offence allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30am and 2.00am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8 million, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017.
The Sun
27-05-2025
- Politics
- The Sun
Key witness in Lim Guan Eng's corruption trial says he only spoke the truth
KUALA LUMPUR: A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful? Zarul Ahmad: I am indebted to him and followed his instructions, as he was serving as the Finance Minister at the time. According to the amended first charge, Lim, 64, is accused, in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3 million to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10 percent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The solicitation allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30 am and 2.00 am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8 million, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017. The trial before Judge Azura Alwi is scheduled to resume on June 24.
