Saudi National Bank profit hits 19.48 billion riyals, quarterly earnings slip

Summary

• Saudi National Bank posted 19.48 billion riyals in nine-month profit, up 4.57% year on year.
• Third-quarter profit fell 2.36% from the previous quarter as provisions and operating costs climbed.
• The kingdom's largest bank is growing lending while margins face mounting cost pressure.

The latest

Nine-month net profit at Saudi National Bank reached 19,479 million riyals, roughly 5.19 billion dollars, up 4.57% from 18,628 million riyals a year earlier, according to the bank's filing on the Saudi Exchange on Wednesday. The gain was not matched in the third quarter, where profit edged down both annually and sequentially as credit-loss provisions jumped nearly 40%.

Details

• The headline figure: Net profit attributable to shareholders for the nine months ending 30 September 2026 came in at 19,479 million riyals against 18,628 million riyals in the same period of 2025, a rise of 4.568%, according to the disclosure filed with the Saudi Exchange at 08:02 on Wednesday.
• The quarter: Third-quarter net profit was 6,450 million riyals, down 0.293% from 6,469 million riyals in the same quarter of 2025 and down 2.361% from 6,606 million riyals in the preceding quarter. It is the figure that breaks with the nine-month growth trend.
• What the bank blamed: The bank attributed the quarterly decline to a 9.0% increase in total operating expenses before credit losses, to 2.7 billion riyals, and a 39.6% rise in the net provision for expected credit losses. Income from financing and investments rose only 1.0%, to 16.0 billion riyals.
• Other earnings lines: Total operating profit reached 30,599 million riyals, up 4.551%, while net profit before zakat and tax rose 5.21% to 21,948 million riyals. Earnings per share climbed to 3.13 riyals from 2.99 riyals a year earlier.
• The balance sheet: Total assets stood at 1,262,267 million riyals, up 4.612%, and the loans and advances portfolio reached 758,099 million riyals, up 4.552%. Customer deposits rose 4.749% to 669,863 million riyals, and total equity gained 6.505% to 209,283 million riyals.
• The comprehensive income gap: Total comprehensive income attributable to shareholders fell far faster than net profit, dropping 24.18% to 15,750 million riyals over nine months. In the third quarter alone it more than halved, down 52.455% to 3,563 million riyals. The bank did not break out the drivers behind that decline.
• Preliminary status: The bank described the figures as preliminary results for the period ending 30 September 2026. The disclosure set no date for the audited statements and did not include management commentary beyond the explanation of the quarterly movement.

Background

Saudi National Bank was formed from the merger of National Commercial Bank and Samba Financial Group and ranks as the kingdom's largest lender by assets. It trades on the Saudi Exchange under the SNB listing.

Between the lines

The two sides of the filing point in opposite directions. Lending, deposits and assets are all expanding above 4.5%, yet financing and investment income rose just 1.0% in the quarter — growth in volume is not translating into proportional revenue. With operating costs up 9.0% and credit provisions up 39.6%, the squeeze is landing on margins rather than on the balance sheet.

What's next

Watch the audited annual results and the fourth-quarter provision line for whether the 39.6% jump in expected credit losses was a one-quarter adjustment or the start of a trend, alongside the bank's full-year dividend decision.

Source: Saudi National Bank disclosure on the Saudi Exchange