Saudi Awwal Bank announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Income from Special Commissions/Financing & Investments	4,089	2,013	103.13	3,801	7.58
Net Income from Special Commissions/Financing & Investments	2,527	1,718	47.09	2,534	-0.28
Total Operation Profit (Loss)	3,067	2,242	36.8	3,218	-4.69
Net Profit (Loss) before Zakat and Income Tax	1,979	1,297	52.58	2,012	-1.64
Net Profit (Loss)	1,550	1,082	43.25	1,765	-12.18
Total Comprehensive Income	1,170	817	43.21	2,341	-50.02
Total Provisions (Reversals) for Expected Credit and Other Losses, net	139	136	2.21	229	-39.3
Total Operating Expenses Before Provisions for Credit and Other Losses	996	863	15.41	1,006	-0.99
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Gross Income from Special Commissions/Financing & Investments	7,890	3,602	119.04
Net Income from Special Commissions/Financing & Investments	5,061	3,132	61.59
Total Operation Profit (Loss)	6,284	4,254	47.72
Net Profit (Loss) before Zakat and Income Tax	3,991	2,476	61.19
Net Profit (Loss)	3,314	2,086	58.87
Total Comprehensive Income	3,511	1,552	126.22
Total Share Holders Equity (excluding Non-Controlling Interest)	56,693	53,808	5.36
Assets	334,913	302,539	10.7
Investments	93,530	73,064	28.01
Loans and Advances Portfolio (Financing & Investment)	198,671	176,214	12.74
Total Provisions (Reversals) for Expected Credit and Other Losses, net	367	196	87.24
Total Operating Expenses Before Provisions for Credit and Other Losses	2,002	1,704	17.49
Clients' deposits	222,734	207,451	7.37
Profit (Loss) per Share	1.61	1.02
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The net profit was higher by SAR 468 million, primarily driven by higher total operating income. This was partially offset by an increase in provision for Zakat and income tax including previous years Zakat provisions and further contributed by an increase in the total operating expenses.

Total operating income increased mainly due to an increase in net special commission income, exchange income and net fee and commission income. These factors were partially offset by a decrease in Income from FVSI financial instruments and other operating income, net.

Total operating expenses increased primarily due to an increase in salaries and employee related expenses along with general and administrative expenses.The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The net profit was lower by SAR 215 million, primarily driven by an increase in provision for Zakat and income tax including previous years Zakat provisions and a decrease in total operating income. This was partially offset by a decrease in provision for expected credit losses and total operating expenses.

Total operating income decreased mainly due to a decrease in income from FVSI financial instruments.

Total operating expenses decreased mainly due to a decrease in general and administrative expenses.The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The net profit was higher by SAR 1,228 million, largely driven by higher total operating income. This was offset by an increase in provision for Zakat and income tax including previous years Zakat provisions, total operating expenses, and provision for expected credit losses.

Total operating income increased mainly due to an increase in net special commission income, income from FVSI financial instruments, exchange income and net fee and commission income. This was partially offset by an increase in net losses on non-FVSI investment and decreased in other operating income, net.

Total operating expenses increased mainly due to an increase in salaries and employee related expenses, general and administrative expenses, rent and premises related expenses partially offset by a decrease in depreciation and amortization expenses.Statement of the type of external auditor's report Unmodified ConclusionModification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None.Reclassification of Comparison Items Certain prior period figures have been re-classified to be aligned with the presentation in the current period.Additional Information Earnings per share for the six-month period ended 30 June 2023 and 30 June 2022 are calculated by dividing the net income after Zakat and income tax attributable to equity holders of the Bank by 2,055 million weighted average number of shares outstanding during the three and six month period ended 30 June 2023 and 30 June 2022.

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