Report: Ten for Ten Again: How All Ten Listed Saudi Banks Grew Nine-Month Profit in 2026, While Third-Quarter Growth Slowed and Provisions Rose

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By The Edge Research Team

All ten listed Saudi banks grew nine-month net profit this year, lifting their combined earnings 6.8% to 73.58 billion riyals, according to The Edge’s new special report, Ten for Ten Again.

For Saudi bank investors it is a second clean sheet in a row after the first half, but the pace eased from that half’s 7.9%, and the slowdown sits in the third quarter. In The Edge’s reading, the nine months show a profitable sector whose earnings are still rising, with higher third-quarter provisions setting the pace of that rise rather than its direction.

The report covers the ten banks listed in the Saudi Exchange’s Banks sector. It builds on the nine-month results each bank filed between 19 and 22 October, alongside the Saudi Central Bank’s September data.

Every bank grew nine-month profit, with Al Rajhi leading the gain

Growth ranged widely across the ten. The Saudi Investment Bank grew 1.5%, while Bank Aljazira, the smallest of the ten by market value, grew fastest at 15.4%. Seven of the ten banks grew by less than 5%.

Al Rajhi Bank earned 20,870 million riyals, up 13.3%. That is 28.4% of the combined total and 52.1% of its increase. Without Al Rajhi, the other nine banks grew nine-month profit by 4.5%.

Al Rajhi attributes the rise to higher total operating income, which it says grew 13.4%. The Saudi National Bank grew 4.6% to 19,479 million riyals, citing higher total operating income and a lower net impairment charge for expected credit losses. Its nine-month provision line came to 3 million riyals against 93 million a year earlier.

Saudi Awwal Bank grew 2.8% to 6,582 million riyals. Its profit before zakat and income tax fell 0.9%, and the bank attributes the gap to lower income tax charges after a refund on qualifying government sukuk and bond investments. Bank Aljazira says the rise in its net income was also offset by a higher zakat charge.

Nine-month net profit attributable to shareholders (SAR million)

Source: Saudi Exchange, each bank’s nine-month results announcement, published 19 to 22 October. Changes for individual banks are the exchange’s figures; the combined row is The Edge’s sum. Riyad Bank reports in thousands of riyals, converted to millions.

The broader income lines point the same way. Combined total operations profit rose 6.8% to 125,759.5 million riyals. Combined profit before zakat and income tax rose 6.4% to 82,394.7 million riyals.

Third-quarter growth slowed to 4.8% as four banks earned less

Taken on its own, the third quarter brought combined net profit of 24.75 billion riyals, up 4.8% on a year earlier. That was 0.5% below the second quarter, when growth on the year had been 8.2%.

Six banks earned more than a year earlier. Bank Aljazira led at 17.9%, followed by Al Rajhi Bank at 11.7%. Banque Saudi Fransi rose 11.5% and Riyad Bank 6.6%.

Four banks earned less. Bank Albilad’s profit fell 3.4% and The Saudi Investment Bank’s 2.2%. The Saudi National Bank’s slipped 0.3% and Alinma Bank’s 0.2%.

Each of the four gives its own reason, and three of them name higher provisions for expected credit losses. The Saudi Investment Bank points primarily to a higher total operating expense, while Bank Albilad says total operating expenses rose 16%, a total that on its own text includes the impairment charge.

Third-quarter net profit attributable to shareholders (SAR million)

Source: Saudi Exchange, nine-month results announcements, current quarter tables. Changes for individual banks are the exchange’s figures; the combined row is The Edge’s sum. Riyad Bank figures converted from thousands to millions of riyals.

Comprehensive income moved more sharply than net profit. Total comprehensive income attributable to shareholders was lower in the third quarter than a year earlier at all ten banks, and implied other comprehensive income was negative at every one. The combined line fell 36.5% on the year while net profit rose 4.8%.

Provisions rose 58.1% in the third quarter

Combined third-quarter charges for expected credit losses and other losses came to 2,970.5 million riyals, up 58.1% on the year. The charge was higher at nine of the ten banks, with The Saudi Investment Bank the exception. Over nine months the combined charge rose 18.3% to 6,819.7 million riyals.

The rise sits in the third quarter alone: first-half charges of 3,849.2 million riyals were 1.0% lower than a year earlier. Al Rajhi Bank’s third-quarter charge rose by 282 million riyals and Saudi Awwal Bank’s by 280 million. Together the two account for 51.5% of the combined increase.

Third-quarter net provisions for expected credit losses and other losses (SAR million)

Source: Saudi Exchange, nine-month results announcements, line “Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net”. The combined row is The Edge’s sum. Riyad Bank figures converted from thousands to millions of riyals.

Saudi Awwal Bank attributes its higher charge mainly to impairment on loans and advances and off balance sheet exposures, and describes the increase as “idiosyncratic in nature”. Bank Albilad’s third-quarter charge rose 150%, mainly on impairment of financing. Alinma Bank ties its higher charge to growth in its financing and investment portfolio.

Three banks reported lower nine-month charges. The Saudi Investment Bank says its charge fell 2.3%, reflecting improved credit quality, and Bank Aljazira’s fell 7% on lower provisioning requirements for commercial financing. The Saudi National Bank’s nine-month charge fell to 3 million riyals.

Earnings per share did not track net profit everywhere. At Arab National Bank, Alinma Bank, Bank Albilad and Bank Aljazira, nine-month earnings per share were lower while net profit was higher. Each of the four filings states that earnings per share are calculated on net income adjusted for, or after deducting, Tier 1 sukuk costs.

Balance sheets expanded, with loans up 6.4%

The ten banks had combined assets of 4.90 trillion riyals at the end of September, 5.9% more than a year earlier. Loans and advances grew 6.4% to 3.31 trillion riyals. Clients’ deposits rose 4.7% to 3.09 trillion riyals.

Loan growth was fastest away from the two largest banks, led by Bank Aljazira at 14.4% and Alinma Bank at 12.0%. Arab National Bank’s shareholders’ equity rose 15.1%, the fastest of the ten. Banque Saudi Fransi was the one bank whose equity line was lower than a year earlier, by 3.2%, a decline the report traces to its Tier 1 instruments rather than the rest of its equity.

The banking system kept lending as deposits grew more slowly

In its September bulletin, the Saudi Central Bank (SAMA) put bank claims on the private sector at 3.32 trillion riyals. That is 6.04% more than a year earlier, and total bank deposits rose 4.79%. SAMA’s loans to deposits ratio rose to 82.49%, a system measure built on its own guideline weights that differs from the ten listed banks’ loans and deposits.

SAMA’s financial soundness indicators for the second quarter put capital adequacy at 20.9% and nonperforming loans at 1.0% of gross loans. Return on equity was 13.9%, down from 15.2% a year earlier. These are the latest quarterly indicators SAMA has published, and the report treats them as existing buffers, not proof of resilience under sustained stress.

On 16 September SAMA raised its repo rate to 4.50%, citing its mandate of preserving monetary stability. The rise of 25 basis points was the first change since December 2025. The fourth quarter is the first full quarter after it.

Finance, insurance and business services activities, the statistical category that contains the banks, grew 3.3% year on year in the second quarter, according to the General Authority for Statistics (GASTAT). Consumer price inflation was 1.9% in September.

Al Rajhi leads the ten on market value

The ten banks carried a combined market value of 924,176 million riyals at the close on 26 October. Al Rajhi Bank alone accounts for 38.5% of that value. It earned 7.1% more than The Saudi National Bank over the nine months, while its market value is 67.1% larger.

The ranking by market value matches the ranking by nine-month profit. At the other end, Bank Aljazira ranks last on both measures yet posted the fastest profit growth of the ten. The full report adds derived measures of return, funding and valuation, each flagged as a nonstandard proxy, across four figures and 12 tables.

What to watch: SAMA’s October bulletin, the first full month under the 4.50% repo rate, will show where the loans to deposits ratio goes from 82.49%. Its third-quarter financial soundness indicators will show capital adequacy and the nonperforming loan ratio for the quarter in which provisions rose. GASTAT’s flash estimate for third-quarter GDP, not yet published, will carry the broad oil, non-oil and government categories.

Fourth-quarter provisions, bank by bank, will show whether the third quarter marks the level or the peak. Full-year results will show whether the ten-for-ten record extends to 2026 as a whole.

Method: combined totals, percentage changes and counts not attributed to a source are The Edge’s calculations from the banks’ Saudi Exchange filings, the exchange’s market data and SAMA’s published levels; changes for individual banks in the tables are the exchange’s figures.

Sources: The Edge.

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