The Saudi National Bank (1180) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 rose 7% year-over-year to SAR 6.4 billion, with ROTE at 16.7% and total assets reaching a record SAR 1.23 trillion, supported by Vision 2030 initiatives and a resilient balance sheet.

• Operating income was SAR 9.7 billion, nearly flat year-over-year, while EPS increased to 1.04.

• Strong deposit inflows and capital adequacy, with ongoing investment in digitalization, efficiency, and customer experience.

Financial highlights

• Net special commission income grew 3% YoY to SAR 7.5 billion, with NIM stable at 2.85%.

• Customer deposits increased 5% YTD to SAR 665 billion; CASA up 2% and term deposits up 16%.

• 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, in line with inflation and talent investments.

• Cost of risk improved to -32bps to -72bps, reflecting provision reversals and recoveries.

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%.

• Cost-to-income ratio guidance below 25% group-wide and below 22.5% domestically.

• Cost of risk guidance maintained at 15–25bps for the year.

• Dividend payout guidance of 50%–60% remains, subject to board review.

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