Al Rajhi Bank profit climbs 13% to 20.87 billion riyals
Al Rajhi reported 20,870 million riyals in nine-month net profit, up 13% year-on-year.
· Last verified: 24 Oct 2026 (Argaam, Al Rajhi Bank statement, Al Eqtsad)
Summary
- Al Rajhi reported 20,870 million riyals in nine-month net profit, up 13% year-on-year.
- Financing and total assets grew only 2%, far behind the earnings expansion.
- Profitability is outpacing balance-sheet growth at Saudi Arabia's largest bank by market value.
The latest
Net profit at Al Rajhi Bank reached 20,870 million riyals in the first nine months of 2026, a 13% rise from a year earlier, according to preliminary results the bank announced on Wednesday, 21 October 2026. Third-quarter profit came in at 7.1 billion riyals against 6.3 billion a year before, an increase of 11.7%. Lending expanded at a fraction of that pace.
Details
- The headline number: Nine-month net profit of 20,870 million riyals represents 13% annual growth, according to the bank's statement. The figure covers the period to the end of September 2026 and was published as preliminary results, meaning the audited full-year accounts have yet to follow.
- The quarter: Third-quarter net profit stood at 7.1 billion riyals, up from 6.3 billion riyals in the same quarter of 2025, a gain of 11.7%. That is slightly slower than the nine-month rate of 13%, indicating the earlier quarters of the year carried the stronger momentum.
- Operating income: Total operating income rose 13% to about 32,528 million riyals, in line with the growth in net profit. The matching rates suggest earnings were driven by income expansion rather than by a one-off cut in costs or provisions.
- The balance sheet: Total assets reached 1,076 billion riyals, growth of just 2%. The gap between a 2% asset expansion and a 13% profit increase is the central feature of the results: the bank is earning considerably more from a balance sheet that barely moved.
- Lending and deposits: The financing portfolio grew 2% to 775 billion riyals, while customer deposits passed 700 billion riyals. The bank did not break down the deposit growth rate or the composition of the financing book in the preliminary announcement.
- Returns: Return on assets was 2.7% and return on equity 23.3%. Earnings per share rose to 3.27 riyals from 2.9 riyals a year earlier, an increase of roughly 12.8%, broadly tracking the growth in net profit.
- The chairman: Chairman Abdullah bin Sulaiman Al Rajhi said the third-quarter results reflect continued execution of the bank's integrated banking strategy. He did not set out targets for the final quarter or comment on the slower pace of financing growth.
- What is missing: The announcement did not disclose provisioning levels, cost-to-income ratio, or a segment breakdown between retail and corporate banking — figures that would explain how a largely flat loan book delivered double-digit earnings growth.
Background
Al Rajhi is the largest Islamic bank in Saudi Arabia and among the biggest lenders in the Gulf by assets. Preliminary results are released ahead of the full financial statements, which carry the detailed disclosures on provisions and segment performance.
Between the lines
Profit growth of 13% on 2% asset growth points to margins and income composition rather than volume as the engine of the quarter. With return on equity at 23.3% and operating income up 13%, the earnings are coming from what the existing book yields, not from a larger one. The absence of provisioning and cost figures leaves the precise mix unresolved until the full statements.
What's next
The audited financial statements, which would carry the provisioning, cost-to-income and segment data absent from the preliminary release. Fourth-quarter and full-year 2026 results will show whether financing growth stays near 2%.