https://arab.news/8rud8
- In support of Vision 2030, SAB expanded its mortgage portfolio to SR35 billion, enhancing access to homeownership
Saudi Awwal Bank, one of the leading banks in the Kingdom, has been named 鈥淏est Bank in 黑料社区 for 2025鈥� by Euromoney, recognizing the bank鈥檚 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鈥檚 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掳, 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: 鈥淭his 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.鈥�
The recognition reinforces SAB鈥檚 position as a trusted financial partner, focused on delivering long-term value to its customers, shareholders, and the broader financial ecosystem in the Kingdom.