3Q 2022 Results Presentation
FY 2022 Assumptions and Outlook | Driven by positive economic outlook with focus in delivering efficiencies
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IMF maintains a 7.6% and 3.7% GDP growth forecasts in 2022 and 2023, respectively
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Saudi economy grew by 12.2% in 2Q 2022, recording the highest growth rate since 2011
Economy
• Consumer spending increased by 9.2% August YTD 2022 on the back of improved economic activities
Credit growth is expected to continue during 2022 supported by government and PIF initiatives and projects
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Interest rates are expected to move higher during 2022 as US inflation staying well above its 2% target
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Higher interest rates will continue to add pressure on funding costs
Interest Rates
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Retail ex-mortgage assets re-pricing is expected to occur in the range of 1-3 years
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SRC has revised up the mortgage subsidies cap rate in early October for the third time this year and extended the
benchmark tenor to 30 years.
Strategy &
Execution
.
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"Bank of the Future" strategy is paving the way for growth opportunities across all business lines
Strategy execution is on track to build a financial ecosystem addressing changing customer needs
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The focus will continue to improve the bank overall efficiencies through several initiatives
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ESG remains a focus for the management to build a sustainable business that contributes to the bottom line
3 Q 2022 Results Presentation
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