Saudi National Bank, the kingdom’s biggest lender by assets, said net profit for the third quarter of 2025 rose almost 21 percent, driven by a double-digit increase in total operating income and a similar decline in operating expenses.
The bank’s bottom line reached SAR6.5 billion ($1.7 billion) for the quarter ended on September 30, compared to SAR5.4 billion a year ago.
Total operating income increased by 10.4 percent year on year to SAR10.1 billion, driven by a rise in net special commission income, net fees from banking services and total investment gains.
Total operating expenses decreased by 12 percent annually.
Net profit for the nine months rose 19 percent to SAR18.6 billion, driven by an increase in total operating income by 8 percent to SAR29.3 billion.
Earlier this month, analysts told AGBI Saudi Arabian lenders offer the best value for long-term equity investors, thanks to lower valuations and a bullish lending outlook.
“We’re now more strategically tilted back to Saudi banks,” said Sherif El Etr, a CI Capital banking analyst. “UAE banks trade at a premium to them, but Saudi has the greater growth story, so this premium seems unjustified.
“We also expect its banks to outperform in terms of dividends, and we’re approaching dividend season.”
Further reading:
- Saudi Arabia’s biggest bank wants wealthy depositors back
- Record profits for two of Saudi’s biggest banks
- SNB’s bond issuance gets orders of over $4bn
The kingdom’s seven biggest banks will report a combined year-on-year third-quarter loan growth of 14 percent while their net profits will rise 11 percent over the same period, Chiro Ghosh, vice president for financial institutions at Bahrain’s Sico Bank predicted in early October.
SNB is 37 percent owned by the Public Investment Fund. It was formed in 2021 through the merger of National Commercial Bank (NCB) and Samba Financial Group. The stock is down 0.3 percent at SAR38.50 on Monday morning. The share price is up 15 percent year to date.
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