Gulf Banks Q3: 7 Lenders Grow Nine-Month Profit, Al Rajhi Earns 20.87 Billion Riyals
Six Saudi banks and Emirates NBD all grew nine-month profit in results published on 21 October, on our count. Al Rajhi Bank made the largest profit of the six Saudi lenders, on our reading. It earned 20.87 billion riyals in the nine months to 30 September, up 13.3 percent. Bank Aljazira grew fastest, by 15.4 percent, on our reading. In Dubai, Emirates NBD lifted nine-month income 15 percent to a record 42.2 billion dirhams.
The six Saudi lenders together earned 58.79 billion riyals over nine months, on our sum. That is 7.7 percent more than a year earlier, on our calculation. Their combined third-quarter profit was 19.83 billion riyals, up 5.3 percent on the year, on our calculation.
Al Rajhi and Aljazira set the pace in Saudi Arabia
Al Rajhi added 2.45 billion riyals of profit on the year, on our calculation. That is 58.5 percent of the six banks’ combined increase, on our calculation. Its total operating income rose 13.4 percent to 32.53 billion riyals. The bank credited higher net financing and investment income, fees from banking services and exchange income. Third-quarter profit rose 11.7 percent to 7.11 billion riyals.
Saudi National Bank, the biggest of the six by assets on our reading, earned 19.48 billion riyals over nine months, up 4.6 percent. Operating income climbed to 30.60 billion riyals from 29.27 billion. Net special commission income rose 8.3 percent, the bank said. Fees grew 6.3 percent and exchange income 13.0 percent. Its net impairment charge fell to 3 million riyals from 93 million.
Riyad Bank grew nine-month profit 4.6 percent to 8.13 billion riyals. Its third quarter was stronger. Profit rose 6.6 percent on the year to 2.87 billion riyals and 8.2 percent on the second quarter. Trading, commission, exchange and dividend income all rose, it said. Its investments rose 21.0 percent on the year.
Alinma Bank earned 4.86 billion riyals, up 4.0 percent. Operating income rose 6.1 percent on financing, investment and exchange income. Its financing book grew 12.0 percent on the year, the fastest of the six after Aljazira on our reading.
Arab National Bank grew profit 4.1 percent to 4.13 billion riyals. Its third-quarter profit edged up 1.7 percent to 1.35 billion. The bank cited higher net special commission income, exchange and trading income. Loans rose 9.3 percent and investments 13.2 percent.
Bank Aljazira is the smallest of the six but, on our reading, the quickest grower. Nine-month profit rose to 1,319.4 million riyals from 1,143.2 million. Its third quarter jumped 17.9 percent to 471.6 million riyals. Operating income rose 9.2 percent on financing and investment income, dividends and fair-value gains. A lower zakat charge also helped the quarter.
Nine-month net profit attributable to shareholders, six Saudi banks
| Bank | 9M 2026 (SAR m) | 9M 2025 (SAR m) | Change |
|---|---|---|---|
| Al Rajhi Bank | 20,870 | 18,417 | +13.3% |
| Saudi National Bank | 19,479 | 18,628 | +4.6% |
| Riyad Bank | 8,128.3 | 7,770.0 | +4.6% |
| Alinma Bank | 4,862.0 | 4,673.3 | +4.0% |
| Arab National Bank | 4,133 | 3,970 | +4.1% |
| Bank Aljazira | 1,319.4 | 1,143.2 | +15.4% |
| Six banks, our sum | 58,791.7 | 54,601.5 | +7.7% |
Nine months to 30 September, from each bank’s filing on the Saudi Exchange on 21 October 2026. Riyad Bank reports in thousands of riyals, shown here in millions. The total and its change are our calculation.
Emirates NBD posts record income
Emirates NBD earned 19.3 billion dirhams after tax in the nine months, up 2 percent. Profit before tax reached a record 24.3 billion dirhams, up 4 percent. Total income grew 15 percent to 42.2 billion dirhams, and the bank credited growth in both interest and non-funded income. Net interest income rose 14 percent to 29.4 billion. Non-funded income grew faster, up 18 percent to 12.8 billion.
The third quarter matched the second. Net profit was 6.4 billion dirhams in both. Third-quarter income rose 6 percent on the second quarter to 14.3 billion. Over the nine months, profit before tax rose despite a 2.1 billion dirham impairment charge, mainly provisioning at DenizBank, and a 2.6 billion dirham hyperinflation adjustment.
The balance sheet grew faster than profit. Total assets reached 1,379 billion dirhams, up 18 percent since December and 21 percent on the year. Gross loans rose 27 percent since December to 833 billion dirhams, or 18 percent excluding RBL Bank, acquired in June. Deposits rose 19 percent since December to 935 billion. The non-performing loan ratio improved to 2.0 percent from 2.4 percent at end-2025.
Tax took a larger share. The effective rate rose to 20.6 percent of pre-tax profit from 18.8 percent, on our calculation. On our reading, that is part of why after-tax profit grew more slowly than the record pre-tax line.
Lean costs, and loan books growing faster than deposits
Cost, margin and funding, nine months to 30 September 2026
| Bank | Cost to income | Profit share of income | Loans to deposits |
|---|---|---|---|
| Al Rajhi Bank | 22.2% | 64.2% | 110.7% |
| Saudi National Bank | 27.2% | 63.7% | 113.2% |
| Riyad Bank | 28.7% | 56.4% | 117.0% |
| Alinma Bank | 31.1% | 52.5% | 100.3% |
| Arab National Bank | 32.9% | 52.4% | 96.2% |
| Bank Aljazira | 51.8% | 36.8% | 95.0% |
| Emirates NBD | 31.4% | 45.7% | 89.1% |
Saudi ratios are our calculation from each filing: operating expenses before credit provisions over total operating income; profit attributable to shareholders over total operating income; the financing and investment portfolio over customer deposits at 30 September. Emirates NBD: cost to income as printed by the bank; the other two ratios are our calculation from its after-tax profit, total income, gross loans and deposits. Loan and cost definitions differ between banks, so the ratios are indicative comparisons.
Al Rajhi spent 22.2 riyals to earn every 100 riyals of income, on our calculation. That is the leanest cost base in the table, on our reading. Across the six Saudi banks the ratio was 27.5 percent, on our calculation, against 31.4 percent at Emirates NBD.
The six Saudi banks and Emirates NBD fund their lending differently. At the six Saudi banks, the combined financing book grew 5.4 percent on the year and deposits 3.6 percent, on our calculation. That lifted their combined loan-to-deposit ratio to 108.9 percent from 107.0 percent, on our calculation. Emirates NBD’s ratio was lower, at 89.1 percent on our calculation, up from 82.6 percent a year earlier.
Capital kept pace. Equity at the six Saudi banks rose 9.6 percent on the year to 560.64 billion riyals, on our sum. Al Rajhi’s equity rose 12.5 percent.
Two Saudi lenders posted slightly lower third-quarter profit than a year earlier, on our count. Saudi National Bank’s third-quarter profit was 0.3 percent lower on the year at 6.45 billion riyals, as operating expenses before impairment rose 9.0 percent and the impairment charge grew. Alinma’s quarter was 0.2 percent lower at 1.59 billion riyals. The bank cited lower fee, fair-value and other income, and a provision charge of 400 million riyals against 256.3 million. Excluding the two, the other four banks grew third-quarter profit 9.4 percent, on our calculation. Credit provisions at the six rose 20.1 percent over nine months to 5.11 billion riyals, on our sum. At Emirates NBD the net interest margin eased to 3.24 percent from 3.43 percent, and cost to income rose to 31.4 percent from 30.5 percent.
Why it matters: The six Saudi banks turned 59.8 percent of their income into profit, on our calculation. Al Rajhi and Saudi National Bank made 68.6 percent of that profit, on our calculation, so their pace sets the group’s. Emirates NBD is growing fast too. Its total assets rose 21 percent in a year.
Outlook: Banque Saudi Fransi and Bank Albilad have already reported their third-quarter results. In the UAE, United Arab Bank has a board meeting on 26 October and Abu Dhabi Islamic Bank on 27 October, according to Abu Dhabi Securities Exchange filings. Emirates NBD also has its agreement to buy HSBC Egypt’s retail business to complete.
Sources: Saudi Exchange, Al Rajhi Bank, Saudi National Bank, Riyad Bank, Alinma Bank, Arab National Bank, Bank Aljazira, Emirates NBD, Abu Dhabi Securities Exchange, The Edge.
