Lubna S. Olayan, chair of the board of directors of Saudi Awwal Bank, announced the bank’s financial results for the period ending March 31.

SAB recorded a net profit after zakat and income tax of SR2.04 billion ($543.9 million) for the period ending March 31, representing an increase of 16 percent compared to the same period of 2023. The total operating income rose 7 percent to SR3.44 billion.

Commenting on the financial results, Olayan said: “I am delighted to share with you the highlights of our achievements in the first quarter of 2024. It has been an exceptional period for SAB, marked by achieving significant milestones and continued success.

“Our loan growth has been remarkable, outpacing the market with a solid 6 percent year-to-date increase. This growth has been primarily driven by institutional and large corporate businesses, showcasing the strength of our offerings in these segments. Notably, our mortgage growth has also been a key component of growth, with a commendable 16 percent origination market share.”

She said SAB’s trade-related business has experienced a similar upward trajectory, rising by 6 percent, with multinational activity continuing to expand, underscoring the bank’s global reach and influence.

Olayan added: “In addition, I am pleased to announce that we have achieved record revenue of SR3.4 billion, representing an impressive 8 percent quarter-on-quarter growth. This exceptional performance has contributed to a return on tangible equity of 16.5 percent, reflecting a 16 percent year-on-year increase in net income.

“Our commitment to excellence underlies these results and has garnered industry recognition, as we were honored with the esteemed ‘Best Trade Finance Provider in Saudi Arabia’ award by Global Finance and the prestigious ‘Best Domestic Private Bank in Saudi Arabia’ award by Euromoney Private Banking Awards. These accolades highlight the strength and diversity of our services and our unwavering dedication to meeting our customers’ needs with efficiency and innovation.”

She said that amidst a challenging global environment, SAB has also experienced success in furthering its sustainability agenda.

“As we look toward the next three years from a business perspective, we have strengthened our ESG governance, sustainable finance practice, and focus on climate change. Our commitment to sustainability has been recognized by Global Finance designating SAB the ‘Best Bank for Sustainable Finance in Saudi Arabia.’“

Olayan said that the bank’s strategy positions it as a future-ready institution, a leader in the digital and ESG realms, and a clear leader outpacing the lending market. 

“We also aim to be a formidable player in corporate banking and treasury, while continuing to enhance our reputation as the bank of choice for an even broader range of customers.

“Lastly, our partnership with HSBC remains instrumental to our success and journey, further solidifying our position as one of the leaders in the banking industry in the Kingdom of Saudi Arabia,” she added.

Olayan thanked the bank’s board members, senior management committees, and the entire SAB staff. “I extend my sincerest gratitude to them for their contributions. I would also like to express our appreciation to HSBC for their unwavering support and to the Saudi leadership and our regulators, the Saudi Central Bank and the Capital Market Authority, for their continued guidance and assistance,” she added.

LuLu Hypermarket’s “Saudi Mango Festival” has turned the spotlight on the different varieties of the sweet fruit grown in Saudi Arabia. Twenty-four local varieties of Saudi mango are on display in the aisles of all Lulu outlets across Saudi Arabia for the duration of the festival, running from May 1-7.

The festival was inaugurated simultaneously in three cities — in LuLu Atyaf Mall, Riyadh by Muhammad Al-Abdullatif, assistant undersecretary for agricultural facilities and supportive services, and M. Suleiman bin Saleh Al-Jutaili, director general of the General Administration of Marketing and Agricultural Associations; in LuLu Al-Ruwais, Jeddah, by Majid bin Abdullah Al-Khalifa, director general of the Ministry of Environment, Water and Agriculture, Makkah region branch, and his deputy Walid Al-Daghis; and in Dammam’s LuLu Hypermarket, Ash Shatea Ash Sharqi District, where the festival was organized in cooperation with the Alrowia Cooperative Society for Agricultural Marketing, and inaugurated by Fahd bin Ahmed Al-Hamzi, general manager of the Ministry of Environment and Agriculture, Eastern Province branch.

The festival is part of a long-term program to promote Saudi agricultural products and support Saudi farmers. It presents shoppers with an opportunity to bite into the juicy goodness of popular Saudi mango varieties such as Sudani, Baladi (Kabeer, Koora and Zibta varieties), Zill, Thoomi, Keeth, Selastion, Shila, Zibta Ahler and others. Also on offer are varieties from other countries that were painstakingly grafted and cultivated in Saudi soil, such as the Langra, Thai and Indian varieties, some South American and African mangoes, and more.

The Saudi Mango Festival 2024 presents the juicy harvest in many celebrated forms, ripe and raw, cooked and lightly salted or dusted with complementary spices, in addition to desserts, curries, pickles and smoothies. There are also promotions galore and treats in the Lulu Hot Food and Cold Food section, including items such as mango fish curry, mango chicken curry, stuffed chicken breasts, traditional delicacies like aamras (mango puree) and puri bread, and healthy drinks.

“I am very pleased to inaugurate the mango festival this year. The Saudi mango has seen a bumper harvest this year and LuLu has highlighted this delicious fact,” said Al-Abdullatif. “We will keep innovating in our Saudi agricultural arena and hope to have many varieties of popular fruit and vegetables for the health-alert and taste-conscious Saudi shopper through LuLu.”

“Lulu Hypermarket is once again pleased to bring the goodness and deliciousness of mango to fans in Saudi Arabia and especially promote the 24 Saudi varieties,” said LuLu Saudi Director Shehim Mohammed. “Full of vitamins, fiber and taste, this is a great summer fruit and this promotion is a great way to applaud the efforts and success of Saudi farmers. We wish all our shoppers happy mango tasting!”

Also present at the Riyadh inauguration were Dr. Ibrahim Al-Turki; Nayef Al-Masoudi, director of agricultural projects at the Council of Associations; and Khaled Hanifat, Jordanian minister of agriculture.

The accompanying delegation in Jeddah consisted of Assistant Director General for Technical Affairs Dr. Abdul-Mane bin Issa Al-Khaibari, Director of the Agriculture Department at the Ministry’s branch in Makkah Muhammad bin Ali Al-Shehri, Director of the Office of the Minister of Environment in Jeddah Governorate Ahmed bin Al-Harithi, and his deputy Reem bint Ahmed Bahamdeen.