Latest news with #SAB
Zawya
a day ago
- Business
- Zawya
Saudi Awwal Bank records $1.15bln net profit after Zakat and Income Tax for H1 2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today its financial results for the six-month period ending 30 June 2025, reflecting steady growth across key indicators and continued momentum in SAB's strategic transformation. For the first six months of 2025, SAB generated a net profit after Zakat and income tax of SR4.262 billion, reflecting a 5% year-on-year increase. Total operating income rose to SR7,341 million, supported by higher loan volumes and a strong deposit base. Net loans and advances reached SR283 billion, and customer deposits increased to SR297 billion. Return on tangible equity stood at 15.5%, aligned with the Bank's medium-term performance targets. Lubna Olayan, Chair of SAB, said: 'Our H1 performance demonstrates consistent delivery against our long-term strategy. In a changing macroeconomic environment, we remained focused on what matters most: serving customers, improving efficiency, and building resilience. The momentum across our lending and funding platforms reflects the depth of our capabilities and the strength of execution across the Bank.' She added: 'From operational discipline to digital innovation, we are investing in future-ready banking. Our performance is not just a reflection of market conditions, but rather a result of deliberate choices that support long-term value creation for our stakeholders.' In the first half of 2025, SAB made significant strides in advancing its strategic objectives. The Bank achieved a 9% increase in total loans, reflecting robust growth across our well-respected large and institutional corporate segments, as well as retail, housing, and SME segments. The mortgage growth supported SAB's continued leadership in the national homeownership initiative, maintaining its #3 ranking in REDF originations under Vision 2030. Our strong relationship with HSBC also enables us to capture significant share of the flow of multinationals coming into the Kingdom, which results in both lending and increased off balance sheet commitments. Operational efficiencies contributed to an improved cost-to-income ratio, driven by disciplined management and digital process enhancements. Additionally, SAB strengthened its deposit base and liquidity buffers, ensuring we remain a well-funded Bank to support future growth aspirations. The Bank also maintained strong asset quality and continued to generate solid returns, demonstrating its stability and ongoing progress toward strategic goals. The Bank earned several notable industry recognitions in the same period, including the Best Bank in Saudi Arabia for 2025 by Euromoney. It also received awards for Best Innovation in Financial Performance and Best Bank for ESG, among others. As part of its transformation journey, SAB launched a World-Class Financial Services Innovation Centre in 2025. The centre is designed to accelerate innovation in digital banking, customer experience, and promote sustainable finance, further anchoring SAB's leadership in shaping the future of financial services in the Kingdom. Olayan concluded: 'SAB's strategy is built on innovation, trust, and long-term impact. Our strong performance, combined with the depth of our partnerships and the confidence of our customers, positions us well for the future. I thank our team, our Board, our regulators, and our clients for their continued support as we drive progress on all fronts.' © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
a day ago
- Business
- Saudi Gazette
Saudi Awwal Bank records SR4.3 billion net profit after Zakat and Income Tax for H1 2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced today its financial results for the six-month period ending 30 June 2025, reflecting steady growth across key indicators and continued momentum in SAB's strategic transformation. For the first six months of 2025, SAB generated a net profit after Zakat and income tax of SR4.262 billion, reflecting a 5% year-on-year increase. Total operating income rose to SR7,341 million, supported by higher loan volumes and a strong deposit base. Net loans and advances reached SR283 billion, and customer deposits increased to SR297 billion. Return on tangible equity stood at 15.5%, aligned with the Bank's medium-term performance targets. Lubna Olayan, Chair of SAB, said: 'Our H1 performance demonstrates consistent delivery against our long-term strategy. In a changing macroeconomic environment, we remained focused on what matters most: serving customers, improving efficiency, and building resilience. The momentum across our lending and funding platforms reflects the depth of our capabilities and the strength of execution across the Bank.' She added: 'From operational discipline to digital innovation, we are investing in future-ready banking. Our performance is not just a reflection of market conditions, but rather a result of deliberate choices that support long-term value creation for our stakeholders.' In the first half of 2025, SAB made significant strides in advancing its strategic objectives. The Bank achieved a 9% increase in total loans, reflecting robust growth across our well-respected large and institutional corporate segments, as well as retail, housing, and SME segments. The mortgage growth supported SAB's continued leadership in the national homeownership initiative, maintaining its #3 ranking in REDF originations under Vision 2030. Our strong relationship with HSBC also enables us to capture significant share of the flow of multinationals coming into the Kingdom, which results in both lending and increased off balance sheet commitments. Operational efficiencies contributed to an improved cost-to-income ratio, driven by disciplined management and digital process enhancements. Additionally, SAB strengthened its deposit base and liquidity buffers, ensuring we remain a well-funded Bank to support future growth aspirations. The Bank also maintained strong asset quality and continued to generate solid returns, demonstrating its stability and ongoing progress toward strategic goals. The Bank earned several notable industry recognitions in the same period, including the Best Bank in Saudi Arabia for 2025 by Euromoney. It also received awards for Best Innovation in Financial Performance and Best Bank for ESG, among others. As part of its transformation journey, SAB launched a World-Class Financial Services Innovation Centre in 2025. The centre is designed to accelerate innovation in digital banking, customer experience, and promote sustainable finance, further anchoring SAB's leadership in shaping the future of financial services in the Kingdom. Olayan concluded: 'SAB's strategy is built on innovation, trust, and long-term impact. Our strong performance, combined with the depth of our partnerships and the confidence of our customers, positions us well for the future. I thank our team, our Board, our regulators, and our clients for their continued support as we drive progress on all fronts.'
Daily Maverick
4 days ago
- Business
- Daily Maverick
Illicit alcohol trade soars to R25.1-billion, posing threat to public health and economy
South Africa is grappling with a burgeoning crisis in the illicit alcohol market, which drains billions in tax revenue and poses serious risks to public health, with nearly one in five drinks sold nationwide being illicit. The Drinks Federation of South Africa has sounded the alarm on the illicit alcohol trade, which is now worth an estimated R25.1-billion and is responsible for R16.5-billion in lost tax revenue in the previous year. 'Illicit alcohol now makes up 18% of the total market — that's nearly one in every five drinks sold,' said Richard Rivett-Carnac, the CEO of South African Breweries (SAB) and chairperson of the Drinks Federation of South Africa. Echoing these concerns, industry experts are calling for a robust response. Jan-Harm Swanepoel, a partner at Adams & Adams, described the illicit alcohol trade as 'organised crime', calling for the full use of legal measures through coordinated and decisive efforts. Health and economic risks Rivett-Carnac stressed that this illegal trade not only threatened public health but also undermined formal businesses and job creation, and called for urgent, coordinated action across the government, industry and enforcement agencies. The illicit alcohol problem is exacerbated by the presence of dangerous substances, as confirmed by recent tests conducted by the University of KwaZulu-Natal. According to the tests, based on findings from the Euromonitor study, nearly 29% of adults know someone who has died from illegal alcohol, while 49% know someone who has been harmed by it. 'Many illegal products contain dangerous substances like methanol, which can cause serious harm,' said Shamal Ramesar, the head of research at the Drinks Federation of South Africa. How to spot illicit alcohol According to Ramesar, consumers and traders can look for several key indicators of illicit alcohol: Suspiciously low pricing, especially for brands priced significantly below market rates. Poor-quality packaging, including misspellings, faded labels, or inconsistent branding. Absence of excise stamps or government-approved labels. Unusual taste or smell, especially in spirits like vodka or gin which may contain improperly diluted ethanol. Unfamiliar brand names, particularly new and unregistered ones appearing frequently in markets or informal outlets. If a bottle seal is broken or doesn't make a cracking sound when opening, it has probably been tampered with. Bottles should have a consistent fill line, while bottles filled in backyard operations often have uneven liquid levels. Presence of particles floating in the liquid (particularly in spirits) indicates probable adulteration (deliberate and secret addition of inferior, harmful, or unauthorised substances to a product). Consumer behaviour Ramesar noted that although 83% of consumers were concerned about the health risks of illicit alcohol, many prioritised affordability and accessibility — especially low-income consumers who often choose illicit products due to cost savings, with illicit alcohol priced up to 70% cheaper than the legal alternatives. The market's widespread availability through informal and formal channels, coupled with shifts during the Covid-19 pandemic from home brewing to large-scale counterfeiting (now representing 31% of illicit volume), reflects an increasingly commercialised and industrial illicit trade. The legal industry's economic weight While illicit alcohol threatens public health and tax revenues, the legal alcohol industry remains a vital economic pillar. In 2022, it contributed more than R226-billion to South Africa's GDP, and supported nearly 500,000 jobs — directly affecting the livelihoods of more than a million people. The alcohol industry also generated close to R97-billion in excise taxes, funding essential public services such as education and housing. This extensive value chain — from producers to retailers and hospitality — stimulates broad economic activity, highlighting the far-reaching consequences of the illicit trade's growth. Counterfeit crisis The success of the legal alcohol industry is being undermined by a counterfeit crisis. The sector is plagued by widespread tax evasion and counterfeit products. 'This is no longer a small problem,' warned Benjamin Rideout, a consultant at Euromonitor International, in a statement released on Tuesday, 1 July 2025. 'Unlike some countries where home brews are the issue, South Africa is facing large-scale counterfeiting — especially in white spirits. The situation demands better control over production inputs like ethanol, and much stronger enforcement,' Rideout said. DM
TECHx
6 days ago
- Business
- TECHx
Visa Launches She's Next Initiative in Saudi Arabia
Home » Emerging technologies » Fintech » Visa Launches She's Next Initiative in Saudi Arabia Visa (NYSE: V), digital payments, has announced the launch of a new edition of its global advocacy initiative, She's Next in Entrepreneurship, in Saudi Arabia. This initiative is in partnership with Saudi Awwal Bank (SAB) and Monsha'at. This latest launch builds on Visa's long-standing commitment to supporting women-led businesses in the region. Applications are open until July 21, 2025, for women entrepreneurs across Saudi Arabia. Five finalists will be announced on August 1. They will participate in a pitch event and final judging on September 2. Three winners will be selected to receive equity-free grants totaling USD 60,000: Main Prize: USD 30,000 Runner-Up: USD 20,000 People's Favorite: USD 10,000 The program is open to women from all sectors, from established businesses to emerging startups with high-growth potential. Haya Sawan, a fitness expert and wellness entrepreneur in Saudi Arabia, joins the program as mentor. She leads several ventures, including SheFit and Playball Saudi, and serves on the board of the Saudi Surfing Federation. Ali Bailoun, Visa's Regional General Manager in KSA, Bahrain, and Oman, said the program supports more than just funding. It offers mentorship, recognition, and growth opportunities aligned with Saudi Vision 2030. He cited Visa's Women SMB Digitalization study, which found that 50% of women business owners want to expand their services, and 20% seek better financial skills. Lama Ghazzaoui, Chief Financial Officer at SAB, said that empowering women is a core commitment at the bank. She highlighted the growing impact of women-led businesses in the country. Monsha'at emphasized that empowering women entrepreneurs is key to national prosperity. The organization believes access to tools, mentorship, and funding enables women to drive innovation and job creation. Visa reported that this initiative follows successful past editions focused on fashion, gaming, and sports. It now returns to spotlight broader entrepreneurship in Saudi Arabia. In 2023, Visa and the International Trade Centre (ITC) trained 340 women across six countries under the SheTrades and She's Next programs. These initiatives supported over 12,000 women employees. Globally, Visa has invested approximately USD 3 million since 2020 in grants and coaching for over 250 women SMB owners, including in Saudi Arabia, UAE, Oman, Bahrain, Qatar, and Kuwait.
Business Wire
14-07-2025
- Business
- Business Wire
Invenra Welcomes Dr. Alan J. Korman to Its Scientific Advisory Board
MADISON, Wis.--(BUSINESS WIRE)--Invenra, a biotechnology company specializing in next-generation multispecific antibody discovery and development, is pleased to announce the appointment of Dr. Alan J. Korman, PhD, FAIO, to its Scientific Advisory Board (SAB). Dr. Korman brings a wealth of experience in immuno-oncology, having played a pivotal role in the development of groundbreaking cancer immunotherapies. Dr. Korman is currently CSO and a member of the Board of Directors of Bluesphere Bio, a clinical stage biotech company in Pittsburgh, PA. Most recently, he served as Senior Vice President of Human Immunology at Vir Biotechnology. Prior to that, he served as Vice President for Immuno-Oncology Discovery at Bristol-Myers Squibb (BMS), where he led the development of biologics for tumor immunotherapy. During his tenure at BMS and Medarex, Dr. Korman contributed to the development of three approved oncology drugs: ipilimumab (anti-CTLA-4), nivolumab (anti-PD-1), and relatlimab (anti-LAG-3), as well as their combination, pioneering the use of immune checkpoint blockade in cancer therapy. Dr. Korman earned his PhD in Cellular and Developmental Biology from Harvard University and was a Whitehead Fellow at the Whitehead Institute at the Massachusetts Institute of Technology. He also served as a staff scientist at the Institut Pasteur before transitioning to the biotechnology sector. In addition to his new role on Invenra's SAB, Dr. Korman is also the founder of Spice Biotechnologies, a company focused on developing next-generation checkpoint therapeutics. "We are thrilled to welcome Dr. Korman to our Scientific Advisory Board," said Dr. Roland Green, Co-Founder, CEO, and Chairman of Invenra. "His extensive experience in developing transformative immunotherapies aligns perfectly with Invenra's mission to collaborate with and support biotech and pharmaceutical companies of all sizes globally. We look forward to his valuable insights and contributions as we continue to empower our partners to advance innovative therapeutics." Dr. Korman joins SAB members Dr. Paul Sondel and Dr. Jonathan Davis, whose knowledge and guidance have supported Invenra's research and development. Dr. Paul Sondel, MD, PhD, is the Reed and Carolee Walker Professor in Pediatric Oncology at the University of Wisconsin–Madison. With a distinguished career in cancer immunotherapy, Dr. Sondel has led lab, translational, and clinical research within the UW Carbone Cancer Center. His work has significantly advanced the understanding and application of immunotherapeutic strategies, including the development of FDA-approved treatments for high-risk neuroblastoma. Dr. Jonathan Davis, PhD, brings over 20 years of experience in the life sciences industry, focusing on protein and antibody engineering, as well as bispecific and multispecific antibody platform development. Prior to joining the Invenra SAB, Dr. Davis was Vice President of Innovation and Strategy for Invenra where he focused on optimization of the B-Body Platform, the development of antibody libraries, and refinements to screening methodology and throughput. Prior to Invenra, he was a Principal Scientist at Bristol-Myers Squibb, where he contributed to biologic drug design, including the development of a trispecific HIV biotherapeutic. Prior to that, he worked at EMD Serono, where he developed a variety of novel biologic drug platforms. "The collective expertise of Drs. Korman, Sondel, and Davis positions Invenra as a key collaborator and service provider, driving the discovery and development of multispecific antibody-based therapeutics in partnership with biotech and pharmaceutical companies worldwide," added Dr. Green. "Their combined knowledge and experience will be invaluable as we continue to support our partners in bringing novel treatments to patients in need." For more information about Invenra and its Scientific Advisory Board, please visit About Invenra Invenra Inc. is a biotechnology company specializing in next-generation multispecific antibody discovery and development. Its proprietary B-Body® platform enables the rapid generation of highly developable bispecifics and now supports both Rapid Bispecific Discovery Services—delivering lead panels in as little as four months—and B-Body Express™, which quickly produces high-quality bispecifics from partner-provided sequences. Invenra's newly launched T-Body™ platform expands these capabilities for efficient expression, correct chain pairing, and robust assembly of trispecific constructs. Invenra partners globally with pharmaceutical and biotech companies to accelerate therapeutic antibody programs from discovery through preclinical development.
