
- Saudi Awwal Bank‘s second-quarter profit reached 2.13 billion riyals, surpassing estimates of 2.08 billion riyals with a year-over-year increase of 5.4%.
- Operating income was reported at 3.72 billion riyals, matching estimates and reflecting a 6.6% increase from the previous year.
- The bank’s impairments surged by 93% year-over-year to 216 million riyals, closely aligning with estimates of 216.1 million riyals.
- Pretax profit came in at 2.48 billion riyals, up 5% from the previous year and slightly above the estimate of 2.45 billion riyals.
- Total assets expanded by 13% year-over-year to 432.36 billion riyals, exceeding the projected figure of 387.62 billion riyals.
- Investments reached 107.82 billion riyals, marking a 17% year-over-year growth.
- Net loans also saw a 17% year-over-year increase to 282.60 billion riyals, just below the estimated 285.15 billion riyals.
- Total deposits increased by 6.4% from the previous year to 297.00 billion riyals, surpassing the estimate of 294.13 billion riyals.
- The bank noted a 4% rise in net special commission income, influenced by growth in interbank borrowing and an increased share of term deposits bearing special commission expenses.
- Total operating income increased due to higher net special commission income, gains on FVOCI debt instruments, exchange income, and other net operating income.
- The bank experienced a decline in income from FVSI financial instruments and net fee and commission income.
- Market sentiment towards Saudi Awwal Bank includes 17 buy recommendations, 1 hold, and 1 sell.
A look at Saudi Awwal Bank Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 5 | |
| Dividend | 5 | |
| Growth | 4 | |
| Resilience | 4 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 4.2 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, Saudi Awwal Bank seems to have a promising long-term outlook. With top scores in value and dividend factors, the bank is positioned well for stability and potential returns for its investors. Additionally, strong scores in growth and resilience indicate a solid foundation for future expansion and the ability to withstand market challenges. While momentum is a bit lower compared to other factors, the overall positive scores reflect a favorable overall impression for Saudi Awwal Bank.
Saudi Awwal Bank, operating as a bank, provides a range of financial services globally, including debit and credit cards, wealth management, investment, and corporate banking. With high Smart Scores in both value and dividend categories, the bank showcases a strong financial position and commitment to rewarding its shareholders. The respectable scores in growth and resilience further highlight the bank’s potential for sustainable development and ability to navigate economic uncertainties. Although momentum is slightly lower, the overall outlook for Saudi Awwal Bank appears optimistic based on the provided Smartkarma Smart Scores.
### Summary of the Company: Saudi Awwal Bank operates as a bank offering various financial services such as debit and credit cards, wealth management, investment, and corporate banking to a global clientele. ###
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
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