The Saudi National Bank (1180) Q3 2025 earnings summary

Executive summary

• Achieved record net income of SAR 18.6 billion for the first nine months of 2025, up 19% year-over-year, driven by strong balance sheet growth, robust core revenues, and improved cost discipline.

• Customer-centric strategy and innovation focus led to improved client satisfaction and operational excellence, with NPS scores rising for both retail and corporate segments.

• Significant progress in sustainability, with $1.8 billion in sustainable issuances and a sustainable finance portfolio reaching $4.77 billion.

• Total assets grew to SAR 1.21 trillion as of 30 September 2025, compared to SAR 1.12 trillion a year earlier.

• Comprehensive income for the period was SAR 20.46 billion, reflecting strong operational and investment performance.

Financial highlights

• Operating income reached SAR 29.3 billion for the nine months, up 8% year-over-year, driven by growth in special commission income and fees.

• Fee and other income grew 22% year-over-year to SAR 7.6 billion, now 26% of total operating income.

• Net special commission income increased to SAR 21.65 billion from SAR 20.80 billion year-over-year.

• Operating expenses declined 4% year-over-year, with cost-to-income ratio improving to 25.2% (down 316bps YoY).

• Customers' deposits rose to SAR 639.49 billion, up 10% year-to-date, with CASA ratio at 66.2%.

Outlook and guidance

• FY 2025 guidance upgraded: Group cost-to-income ratio below 26%, domestic below 23%, and Return on Tangible Equity adjusted to 18–19%.

• Financing growth expected in low double digits, supported by strong wholesale and mortgage demand.

• Cost of risk guidance maintained at 5–15bps; Tier 1 CAR expected at 19–20%.

• Dividend payout philosophy remains at 50%-60%, with capital buffers maintained to support growth and distributions.

• The bank remains in compliance with regulatory capital requirements and continues to monitor capital adequacy under Basel IV standards.