The Saudi National Bank (1180) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 rose 7% year-over-year to SAR 6.43 billion, with ROTE at 16.7% and total assets reaching SAR 1.23 trillion, supported by digital transformation, diversified business lines, and Vision 2030 initiatives.

• Operating income was SAR 9.7 billion, nearly flat year-over-year, with strong deposit inflows and capital adequacy.

• Launched SME flagship centers, accelerated digital adoption, and expanded AI/data intelligence use cases.

• Maintained high-teens ROTE and a domestic cost-to-income ratio of 24.4%, with robust capital adequacy and liquidity.

Financial highlights

• Net income attributable to equity holders increased 7% YoY to SAR 6.43 billion; operating income grew 0.4% YoY to SAR 9.7 billion.

• Total assets increased 2% sequentially to SAR 1.23 trillion; customer deposits grew 5% YTD to SAR 665 billion.

• Net special commission income increased 3% YoY to SAR 7.5 billion; NIM stable at 2.85%.

• Fee and other income declined 6–9% YoY, mainly due to lower investment-related income and weaker trade finance activity.

• Operating expenses rose 2.7–3% YoY, mainly due to salary increments and hiring specialized talent.

• Cost of risk was negative for the quarter, driven by recoveries and provision reversals.

Outlook and guidance

• Guidance for 2026 remains unchanged: high single-digit financing growth, mid single-digit NSCI growth, group CIR below 25%, and ROTE of 16–17%.

• Management is closely monitoring geopolitical and macroeconomic risks, with ongoing stress testing and scenario analysis.

• Cost optimization initiatives and stable liquidity position the group for future growth.