IssuerAnnouncementDetailsV2Portlet
Actions
Saudi Awwal Bank announces its Interim Financial Results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 3,733 | 2,799 | 33.369 | 3,628 | 2.894 |
| Total Income From Special Commission of Investment | 1,133 | 1,002 | 13.073 | 1,112 | 1.888 |
| Net Income From Special Commission of Financing | 2,385 | 2,172 | 9.806 | 2,364 | 0.888 |
| Net Income From Special Commission of Investment | 324 | 362 | -10.497 | 338 | -4.142 |
| Total Operations Profit (Loss) | 3,447 | 3,218 | 7.116 | 3,179 | 8.43 |
| Net Profit (Loss) before Zakat and Income Tax | 2,351 | 2,012 | 16.848 | 2,114 | 11.21 |
| Net Profit/(Loss) | 2,043 | 1,765 | 15.75 | 1,858 | 9.956 |
| Total Comprehensive Income | 1,188 | 2,341 | -49.252 | 2,388 | -50.251 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 1,051 | 1,006 | 4.473 | 1,066 | -1.407 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 81 | 229 | -64.628 | 51 | 58.823 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Assets | 369,612 | 328,885 | 12.383 |
| Investments | 91,957 | 90,979 | 1.074 |
| Loans And Advances Portfolio (Financing And Investment) | 228,539 | 191,001 | 19.653 |
| Clients' deposits | 251,760 | 225,983 | 11.406 |
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 63,020 | 57,034 | 10.495 |
| Profit (Loss) per Share | 0.96 | 0.86 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | The gross special commission income was higher by 28%, primarily driven by interest rate hikes and volume growth contributed mainly from loans, as a result the net special commission income increased by 7%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The net profit was higher by 16%, primarily driven by an increase in total operating income and a decrease in provision for expected credit losses. This was partially offset by an increase in provision for Zakat and income tax and operating expenses. Total operating income increased mainly due to an increase in net special commission income, net fee and commission income and exchange income. This was partially offset by an increase in losses on amortised cost investments. Total operating expenses increased primarily due to increase in salaries and employee related expenses and depreciation and amortization. This was offset by decrease in general and administrative expenses. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | Provision for expected credit losses decreased by 65% due to lower impairment charge on loans and advances, during the quarter. |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | The gross special commission income was higher by 3%, primarily driven by volume growth mainly contributed from loans. The special commission expense was higher by 6% primarily driven by an increase in time deposits, therefore, the net special commission income increased slightly by 0.3%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | The net profit was higher by 10%, largely driven by higher total operating income. This was offset by an increase in provision for Zakat and income tax and provision for expected credit losses. Total operating income increased mainly due to an increase in income from FVSI financial instruments and net fee and commission income. This was partially offset by an increase in other operating expense, net. Total operating expenses decrease mainly due to the decrease in depreciation and amortization and rent and premises related expenses. This was partially offset by an increase in salaries and employee related expenses. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | Provision for expected credit losses increased by 59% due to lower recoveries. This was offset by lower charge during the current quarter on loans portfolio. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain prior period figures have been reclassified to be aligned with the presentation in the current period. |
| Additional Information | Earnings per share for the three month period ended 31 March 2024 and 31 March 2023 are calculated by dividing the net income after Zakat and income tax attributable to equity holders of the Bank (adjusted for Tier 1 Sukuk costs for the current period) by 2,055 million weighted average number of shares outstanding during the three month period ended 31 March 2024 and 31 March 2023. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
Share
Company Performance
Key Parameters
Last Price 40.55
Net Change 0.55 (+1.38%)
Value Traded (Sar) 75,980,583.7
Volume Traded 1,891,525
LoginPortletPopupv2
Actions
AddtoWatchlistv2
Actions