The Saudi National Bank (1180) investor relations material

Executive summary

• Net income for Q1 2026 rose 7% YoY to 6.43 billion SAR, driven by growth in net special commission income and strong credit quality.

• Total assets reached 1.23 trillion SAR as of March 2026, up 2% YTD and marking a historic high.

• Operating income for the quarter was 9.7 billion SAR, nearly flat YoY.

• Basic and diluted EPS increased to 1.04, up 8% YoY.

• Strong deposit inflows and capital adequacy supported by a diversified and resilient balance sheet.

Financial highlights

• Net income attributable to equity holders increased 7% YoY to 6.4bn SAR; operating income grew 0.4% YoY to 9.7bn SAR.

• Net special commission income rose to 7.50 billion from 7.25 billion YoY; margin steady at 2.85%.

• Fee income from banking services rose to 1.31 billion, but total fee and other income declined 9% YoY due to lower investment-related income.

• Customers' deposits rose 5% YTD to 665bn SAR, with CASA up 2% and time/other deposits up 10%.

• Cost of risk improved to -32bps YoY, reflecting provision reversals and recoveries; net impairment charge for ECL was a reversal of 578 million.

Outlook and guidance

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

• Macro outlook expects 3.7% real GDP growth and 2.9% non-oil GDP growth for 2026.

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

• The impact of recent geopolitical events on credit losses was immaterial for Q1, but ongoing assessment continues.

• Ongoing cost optimization initiatives are expected to offset expense growth.