The Saudi National Bank (1180) investor relations material

Executive summary

• 9M 2026 net income attributable to equity holders reached SAR 19.479bn, up 5% YoY; RoTE was 16.8% and adjusted RoTE 18.1%.

• Total assets rose 4% YTD to SAR 1,262.3bn; financing grew 4% to SAR 758.1bn and customer deposits increased 5% to SAR 669.9bn.

• A new three-year strategy is being developed to reflect changing market, regulatory and geopolitical conditions, with aspirations to be communicated when finalized.

Financial highlights

• 9M operating income rose 5% to SAR 30.599bn; net special commission income increased 8% to SAR 23.411bn, while fee and other income fell 6% to SAR 7.188bn.

• Banking-services fee income rose 6% YoY to SAR 3.999bn; Q3 reached a record SAR 1.4bn, up 13% QoQ.

• 9M operating expenses were SAR 7.692bn, up 4% excluding intangible amortization; including amortization, expenses were SAR 8.3bn. Q3 OpEx excluding amortization fell 3% QoQ to SAR 2.094bn.

• Q3 net income was SAR 6.455bn, broadly flat YoY and down 2% QoQ; Q3 operating income rose 1% YoY to SAR 8.048bn.

• 9M EPS was SAR 3.13, up 5% YoY; net ECL impairment charge was SAR 2.583m versus SAR 92.584m a year earlier.

Outlook and guidance

• FY 2026 financing and NSCI growth guidance remained mid-single digit; 9M financing growth was 4% and NSCI growth was 8%.

• FY 2026 cost-of-risk guidance was upgraded to 5–15 bps from 0 bps YTD; other guidance was unchanged.

• FY 2026 Group and domestic CIR guidance remained below 25% and 22.5%; 9M actuals were 25.1% and 22.6%.

• FY 2026 RoTE guidance remained 16–17%, with adjusted RoTE guidance of 17–18%; 9M actuals were 16.8% and 18.1%.

• Funding costs are expected to pressure margins temporarily as liabilities reprice faster than assets; management expects asset yields to catch up in H1 2027.