Latest news with #SaudiAwwalBank
Zawya
2 days ago
- Business
- Zawya
Saudi Awwal Bank records $1.15bln 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.' © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
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.'
Zawya
16-07-2025
- Business
- Zawya
Visa launches new edition of She's Next Program in Saudi Arabia to empower women entrepreneurs
Three winners will be awarded a share of USD 60,000 in equity-free grants Haya Sawan, one of Saudi Arabia's leading fitness experts and a prominent wellness entrepreneur, joins as the program's mentor Riyadh, Saudi Arabia: Visa (NYSE: V), a global leader in digital payments, today announced the launch of a new edition of its global advocacy initiative, She's Next in Entrepreneurship, in Saudi Arabia, in partnership with Saudi Awwal Bank (SAB) and Monsha'at. This latest initiative builds on Visa's long-standing commitment to champion women-led business across the region. Until July 21, 2025, women entrepreneurs in Saudi Arabia are invited to apply for the chance to secure funding, mentorship, and national exposure. Five finalists will be selected and announced on August 1. They will go on to participate in a pitch event and final judging on September 2, where three winners will be awarded a share of USD 60,000 in equity-free grants. She's Next in Entrepreneurship opens the doors to women from all sectors from established business owners to emerging entrepreneurs with bold ideas and high-growth potential. The Main Prize winner will receive USD 30,000, while the Runner-Up and People's Favorite will receive USD 20,000 and USD 10,000 respectively. Haya Sawan, one of Saudi Arabia's leading fitness experts and a prominent wellness entrepreneur, joins She's Next in Entrepreneurship as the program's mentor. Through her leadership across multiple ventures, including SheFit, Playball Saudi, and her role on the board of the Saudi Surfing Federation, Haya has become a champion of women's empowerment through health, entrepreneurship, and community engagement. Ali Bailoun, Visa's Regional General Manager in KSA, Bahrain and Oman, said, 'Every edition of She's Next has shown us that women entrepreneurs in Saudi Arabia are not just building businesses. They're helping drive long-term economic change. Our Women SMB Digitalization study found that one in two women business owners want to grow by expanding their products or services, and one in five are actively looking to improve their financial and budgeting skills. These insights reinforce why programs like She's Next matter. It's not just about funding. It's about giving women founders the recognition, mentorship and support they need to scale with confidence. Together with SAB, Monsha'at, we're proud to help create a more inclusive entrepreneurial landscape, where more women-led businesses can thrive and shape the country's future economy in line with Saudi Vision 2030.' Lama Ghazzaoui, Chief Financial Officer at SAB said, 'Women-led businesses in Saudi Arabia are not only growing but also transforming industries and creating a lasting impact. Through She's Next, we proudly support visionary entrepreneurs with the resources they need to scale their businesses. At SAB, empowering women in business is not a one-off initiative; but a core part of our commitment to building a more dynamic and inclusive economy.' She added, 'In line with Saudi Vision 2030, we see more women lead across diverse sectors, driving innovation and meaningfully contributing to the national economy. With She's Next, we are not just offering financial support but creating a community that uplifts and equips women to lead confidently.' Monsha'at commented: 'At Monsha'at, empowering women entrepreneurs is central and a powerful catalyst for national prosperity. When women are equipped with the right tools, mentorship, and access to capital, they become pioneers of innovation, creators of sustainable employment, and builders of resilient communities. Through flagship initiatives like She's Next, we proudly invest in the next generation of female founders who are actively shaping Saudi Arabia's future and advancing the transformative objectives of Saudi Vision 2030.' She's Next in Entrepreneurship follows a series of successful editions in Saudi Arabia focused on fashion, gaming, and sports. This launch returns the spotlight to the wider entrepreneurial community, amplifying the voices and visions of women who are driving innovation, creating jobs, and building the future of Saudi business. In 2023, the International Trade Centre (ITC) and Visa GCC's collaborative 'SheTrades' and 'She's Next' initiatives trained 340 women from six countries, supporting over 12,000 women employees. Since 2020, Visa has invested around $3M in over 250 grants and coaching for women SMB owners through the She's Next grant program globally including in Saudi Arabia, UAE, Oman, Bahrain, Qatar, and Kuwait. To learn more and apply for the Visa She's Next program, applicants must submit a short application form on the dedicated website. About Visa Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers and businesses globally. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, and @VisaCEMEA.
Arab News
13-07-2025
- Business
- Arab News
SAB named ‘best bank' in Saudi Arabia for 2025
Saudi Awwal Bank, one of the leading banks in the Kingdom, has been named 'Best Bank in Saudi Arabia for 2025' by Euromoney, recognizing the bank's strong financial performance, continued digital advancement, and commitment to social responsibility over the past year. In 2024, SAB reported a net profit of SR8.07 billion ($2.15 billion), a 15 percent increase over the previous year. Its operating income reached SR14 million, supported by a 16 percent return on tangible equity, reflecting consistent performance and effective capital deployment. Lending remained a key area of growth, with net loans and advances rising by 20 percent to reach SR259 billion, in line with SAB's strategy to support the financing needs of individuals and businesses across the Kingdom. SAB continued to strengthen its digital capabilities, expanding its share of the digital payments market to 17.3 percent. The bank launched SAB 360°, an AI-powered platform offering clients real-time financial insights and streamlined onboarding processes through an enhanced KYC platform, reducing processing time by 40 percent. It also maintained its focus on convenience and security by being one of the early adopters of Samsung Pay in the local market. In support of Vision 2030, SAB expanded its mortgage portfolio to SR35 billion, enhancing access to homeownership. The bank also progressed its ESG agenda, financing renewable energy projects generating a combined 4.5 GW of clean energy capacity, and introduced Shariah-compliant ESG investment solutions for private banking clients. Tony Cripps, managing director and CEO of SAB, said: 'This award reflects the strength of our business model, the dedication of our people, and our commitment to leading with purpose. We are proud to play a key role in shaping the future of banking in the Kingdom and supporting national transformation.' The recognition reinforces SAB's position as a trusted financial partner, focused on delivering long-term value to its customers, shareholders, and the broader financial ecosystem in the Kingdom.
Saudi Gazette
09-07-2025
- Business
- Saudi Gazette
Saudi Awwal Bank named best bank in Saudi Arabia for 2025 by Euromoney for financial performance and innovation
Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, has been named 'Best Bank in Saudi Arabia for 2025' by Euromoney, recognizing the bank's strong financial performance, continued digital advancement, and commitment to social responsibility over the past year. In 2024, SAB reported a net profit of SR8.07 billion, a 15% increase over the previous year. Operating income reached SR14 'million, supported by a 16% return on tangible equity, reflecting consistent performance and effective capital deployment. Lending remained a key area of growth, with net loans and advances rising by 20% to reach SR259 billion, in line with SAB's strategy to support the financing needs of individuals and businesses across the Kingdom. SAB continued to strengthen its digital capabilities, expanding its share of the digital payments market to 17.3%. The bank launched SAB 360°, an AI-powered platform offering clients real-time financial insights and streamlined onboarding processes through an enhanced KYC platform, reducing processing time by 40%. It also maintained its focus on convenience and security by being one of the early adopters of Samsung Pay in the local market. In support of Vision 2030, SAB expanded its mortgage portfolio to SR35 billion, enhancing access to homeownership. The bank also progressed its ESG agenda, financing renewable energy projects generating a combined 4.5 GW of clean energy capacity, and introduced Shariah-compliant ESG investment solutions for private banking clients. Tony Cripps, Managing Director & CEO of SAB, commented: 'This award reflects the strength of our business model, the dedication of our people, and our commitment to leading with purpose. We are proud to play a key role in shaping the future of banking in the Kingdom and supporting national transformation.'The recognition reinforces SAB's position as a trusted financial partner, focused on delivering long-term value to its customers, shareholders, and the broader financial ecosystem in the Kingdom.
