Alawwal bank net profit in 2018 hits SR1.130 billion

ALAWWAL bBank recorded net profit of SR1,130 million for the financial year ending 31 December 2018. The year ended with net profit for the final quarter up by 10.3% vs Q3, following strong operating income and stable costs.

The bank maintained strong loan coverage ratios, with loans and advances at SR57.8 billion for 2018, down -9.2% on 2017.

At the end of 2018, Alawwal bank’s total assets amounted to SR82 billion, down 17.9% compared to the previous year.

Eng. Mubarak Al-Khafra, Chairman, Alawwal Bank, said: “Alawwal bank has been making banking history in the Kingdom ever since it first opened its doors in 1926. This is set to continue as we look forward to completing the potential merger with Saudi British Bank (SABB) in the first half of 2019. Alawwal bank and SABB will be a strong and exciting combination having capacity and scale to support the ambitions under the Kingdom’s Vision 2030 and the National Transformation Program”.

Soren Nikolajsen, Managing Director, Alawwal bank, added: “2018 has been a challenging year, yet we have continued our focus on maintaining cost controls in line with 2017, as well as strengthening our capital and liquidity positions. Our Tier 1 capital and total capital adequacy ratios are now the strongest they have been in the bank’s history.”

Nikolajsen added: “The bank has further strengthened its position as the leading provider of digital banking services in the Kingdom. Popular new services such as faster access to mobile banking through fingerprint and face recognition have helped increase online and mobile transactions by 27% in 2018, with the total number of customers using the bank’s digital services also up 27%.” — SG

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