Saudi Banks’ Profits Rise 7% to 73.58 Billion Riyals in 9 Months

Key Facts

Saudi listed banks posted combined profits of 73.58 billion riyals in the first nine months of 2026, up 7% from 68.87 billion riyals in the same period last year, according to Argaam data. The increase in profits came alongside 7% growth in total operating income to 125.76 billion riyals. But profit growth slowed in the third quarter compared with the same period a year earlier, with performance varying across banks. Al Rajhi Bank’s results show stronger growth in the first nine months than the sector average.

The ten banks posted combined profits of 24.75 billion riyals in the third quarter of 2026, up 4.8% from 23.62 billion riyals in the third quarter of 2025, according to Argaam. The quarterly growth rate was below the 7% increase recorded for the nine-month period, highlighting a slowdown in the final quarter covered by the results. The co-founder of Sabin Investment said the sector’s profit growth in the third quarter came “at a slower pace than in the third quarter of 2025.” He attributed this, along with differences in bank performance, to the impact of higher expenses, provisions and funding costs on some institutions. The source did not identify the banks most affected by these items.

The bank’s growth was above the 7% increase in combined profits at listed banks during the period. In the third quarter alone, Al Rajhi’s net profit rose 11.7% to 7.106 billion riyals, compared with 6.3602 billion riyals in the corresponding quarter of 2025. The results show that the bank’s profits continued to grow year on year in both periods, while the quarterly increase remained below the rate recorded over the nine months. The figures come amid growth in the sector’s operating income, while a Sabin analyst said higher expenses, provisions and funding costs weighed on some banks’ results.

At the economy-wide level, the Ministry of Economy and Planning’s Economic Pulse page showed that Saudi real GDP growth was -4.7% year on year in the second quarter of 2026, citing data from the General Authority for Statistics. Growth in oil activities was -24.8%, while non-oil activities grew 0.9% in the same quarter. This reading provides economic context alongside the banks’ results, but it relates to the second quarter and is not an update for the period in which banks announced their nine-month results. The available source does not establish a date for a new reading on 1 November 2026, nor does it provide a forecast for the next growth rate. The available information therefore does not support linking the banks’ results to the release of new data on that date.