Saudi Awwal Bank Named Best Bank in Saudi Arabia for 2025 by Euromoney
Recognition Highlights Strong Financial Performance and Commitment to Innovation and Social Responsibility
Saudi Awwal Bank (SAB), a leading financial institution in the Kingdom of Saudi Arabia, has been honored with the 'Best Bank in Saudi Arabia for 2025' award by Euromoney.
This prestigious recognition underscores SAB's robust financial performance, its continuous digital advancements, and its dedication to social responsibility over recent years.In 2024, SAB reported a net profit of SR8.07 billion, representing a 15% increase from the previous year.
The bank's operating income reached SR14 million, bolstered by a 16% return on tangible equity, which points towards consistent performance and effective capital management.Lending has been identified as a key growth driver for SAB, with net loans and advances rising by 20% to reach SR259 billion.
This increase aligns with the bank's strategic objectives to support the financial needs of individuals and businesses across the Kingdom.Digital advancements are central to SAB's strategy; the bank expanded its share in the digital payments market to 17.3%.
Notably, it launched SAB 360°, an AI-powered platform that provides clients with real-time financial insights and enhances onboarding processes through a sophisticated Know Your Customer (KYC) system, achieving a 40% reduction in processing time.
Furthermore, SAB was among the early adopters of Samsung Pay in the local market, emphasizing its focus on convenience and security.Supporting Saudi Vision 2030, SAB expanded its mortgage portfolio to SR35 billion, thus enhancing access to homeownership for citizens.
In alignment with its environmental goals, the bank financed renewable energy projects totaling a combined capacity of 4.5 GW of clean energy and introduced Shariah-compliant ESG investment solutions tailored for private banking clients.Tony Cripps, Managing Director & CEO of SAB, remarked on the accolade: 'This award reflects the resilience of our business model, the unwavering dedication of our team, and our commitment to leading with purpose.
We are honored to play a pivotal role in shaping the future of banking in the Kingdom while supporting national transformation.'The recognition solidifies SAB's reputation as a trusted financial partner committed to delivering long-term value for its customers, shareholders, and the broader financial ecosystem within the Kingdom.
This prestigious recognition underscores SAB's robust financial performance, its continuous digital advancements, and its dedication to social responsibility over recent years.In 2024, SAB reported a net profit of SR8.07 billion, representing a 15% increase from the previous year.
The bank's operating income reached SR14 million, bolstered by a 16% return on tangible equity, which points towards consistent performance and effective capital management.Lending has been identified as a key growth driver for SAB, with net loans and advances rising by 20% to reach SR259 billion.
This increase aligns with the bank's strategic objectives to support the financial needs of individuals and businesses across the Kingdom.Digital advancements are central to SAB's strategy; the bank expanded its share in the digital payments market to 17.3%.
Notably, it launched SAB 360°, an AI-powered platform that provides clients with real-time financial insights and enhances onboarding processes through a sophisticated Know Your Customer (KYC) system, achieving a 40% reduction in processing time.
Furthermore, SAB was among the early adopters of Samsung Pay in the local market, emphasizing its focus on convenience and security.Supporting Saudi Vision 2030, SAB expanded its mortgage portfolio to SR35 billion, thus enhancing access to homeownership for citizens.
In alignment with its environmental goals, the bank financed renewable energy projects totaling a combined capacity of 4.5 GW of clean energy and introduced Shariah-compliant ESG investment solutions tailored for private banking clients.Tony Cripps, Managing Director & CEO of SAB, remarked on the accolade: 'This award reflects the resilience of our business model, the unwavering dedication of our team, and our commitment to leading with purpose.
We are honored to play a pivotal role in shaping the future of banking in the Kingdom while supporting national transformation.'The recognition solidifies SAB's reputation as a trusted financial partner committed to delivering long-term value for its customers, shareholders, and the broader financial ecosystem within the Kingdom.