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 a record SAR 1.23 trillion, supported by a risk-averse approach and Vision 2030 initiatives.

• Strong deposit inflows and capital adequacy, with a diversified and resilient balance sheet and ongoing digital and SME initiatives.

• Operating income was SAR 9.7 billion, nearly flat year-over-year, with net special commission income up 3%.

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

• Strategy remains focused on sustainable, profitable growth and customer-centricity.

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.

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

• Customer deposits increased 5% YTD to SAR 665 billion; CASA up 2% and time/other deposits up 10%.

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

• Cost of risk improved to -32bps YoY, driven by provision reversals and recoveries; NPL ratio improved to 0.67%.

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 of risk guidance at 15-25 bps for the year, expecting to hit the lower end.

• Dividend payout guidance of 50%-60% remains, subject to board review and growth opportunities.

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

• Ongoing cost optimization and stable liquidity position the group well for future growth.