SNB Reports Record Net Income of SAR 19.5 billion in 9M 2026, Up 5% year over year, Supported by Higher Operating Income, Continued Cost Discipline and Strong Credit Quality

(MENAFN- MENAFNEditorial) Riyadh, 21 October 2026. SNB reported a record Net income attributable to equity holders of SAR 19.5 billion for 9M 2026, a 5% increase compared to 9M 2025. The strong performance was driven by higher Operating income, continued cost discipline, and strong credit quality. 3Q 2026 Net income attributable to equity holders for the three months period amounted to SAR 6.5 billion, in line with the performance for the similar prior year period.
Total operating income increased 5% YoY to SAR 30.6 billion, supported by 8% YoY growth in NSCI, partially offset by a 6% decline in Fee & other income.
The net special commission income (NSCI) margin came in at 2.93% in both 9M 2026 and 3Q 2026, improving by 6bps YoY while declining by 9bps QoQ, respectively. SNB continues to optimize funding costs despite the pressures of higher benchmark rates. On a sequential quarterly basis, the careful management of funding costs, combined with selective pricing adjustments to capture higher financing volume helped to reduce the QoQ impact of higher special commission expense, delivering a record quarterly NSCI level in the Bank’s history.
Fee & other income decreased by 6% YoY to reach SAR 7.2 billion in 9M 2026, primarily driven by lower Investment-related income, softer Trade finance and Capital markets activities, partially offset by growth in Fee income from banking services, FX and International. On a sequential basis, Fee & other income declined by 14% QoQ to reach SAR 2.3 billion in 3Q 2026, compared with SAR 2.7 billion in 2Q 2026. At the same time, thanks to the positive impacts of the strategic growth of MSME, and the strategic pricing adjustments to drive Financing volumes, Fee income from banking services, net. expanded 6% YoY and 13% QoQ, to reach SAR 4.0 billion and SAR 1.4 billion, respectively. The 3Q 2026 Fee income from banking services, net represents a record quarterly level achieved in the history of the Bank.
Operating expenses excluding amortization of intangibles increased by 4% for the period, while improving sequentially by 3% QoQ reflecting ongoing optimization initiatives. The Group Cost-to-income ratios improved YoY by 3bps to 25.1% and the Domestic Cost-to-income ratio came in at 22.6%.
Credit quality continues to be strong, with a net impairment charge for 9M 2026 amounting to SAR 2.6 million, representing a 97% decrease YoY.
SNB's balance sheet grew 4% YTD, with Total assets reaching a record SAR 1.3 trillion with ongoing focus on value driven growth in financing and advances
Net financing and advances for the Group grew SAR 29 billion or 4% YTD to reach SAR 758 billion, driven primarily by a 4% increases in both Retail and Wholesale financing. Within Wholesale, Corporate & MSME increased by SAR 23 billion or by 7% YTD, offset by a SAR 9 billion drop in the Financial Institutions portfolio.
Customers’ deposits grew by SAR 34 billion, or 5% YTD to reach SAR 670 billion, fueled by growth in Time deposits & others by SAR 56 billion, offset by a decrease in CASA balances of SAR 20 billion, which contributed to a CASA ratio of 66.2%. Sequentially, the QoQ contraction in customers’ deposits was a result of cost of funds optimization by making necessary adjustments to the finding mix.
SNB continued to maintain robust capitalization and liquidity position. The Capital adequacy ratio expanded to 21.1%. The Liquidity coverage ratio reached 202.4%, the Net stable funding ratio reached 114.5% and the SAMA LDR reached 83.6%; with each of these ratios remaining within its respective regulatory threshold. 
Income Statement Summary
For the period ending 30 September 2026
SAR (mn)3Q 20263Q 2025Δ 9M 20269M 2025Δ

Net special commission income8,0487,304+10% 23,41121,626+8%
Fee and other income2,3182,841-18% 7,1887,642-6%
Total operating income10,36610,145+2% 30,59929,267+5%
Operating expenses(2,716)(2,492)+9% (8,308)(7,983)+4%
Net operating income before impairment charge7,6497,654-0% 22,29121,284+5%
Net impairment charge for expected credit losses(323)(231)+40% (3)(93)-97%
Income from operations, net7,3277,423-1% 22,28821,192+5%
Other non-operating income/(expenses), net(91)(145)-37% (340)(330)+3%
Net income for the period before Zakat and income tax7,2357,277-1% 21,94820,861+5%
Zakat and income tax expense(780)(804)-3% (2,451)(2,277)+8%
Net Income for the period after Zakat and income tax6,4556,473-0% 19,49718,584+5%
Net income attributed to non-controlling interests(5)(4)+19% (19)43-143%
Net income attributed to equity holders6,4506,469-0% 19,47918,628+5%

Earnings per share11.021.04-2% 3.132.99+5%
Return on tangible common equity15.9%17.5%-1.6ppt 16.8%17.5%-0.7ppt
Return on tangible common equity, adjusted217.5%18.9%-1.4ppt 18.1%18.9%-0.8ppt
Return on tangible assets2.1%2.2%-0.1ppt 2.2%2.2%-0.1ppt
Net special commission margin3, 42.93%2.80%+13bps 2.93%2.88%+6bps
Average commission earning assets1,055,4721,017,126+4% 1,046,414994,126+5%
Cost of risk50.17%0.13%+4bps 0.00%0.02%-2bps
Cost to income ratio6, 724.2%22.5%+1.7ppt 25.1%25.2%-3bps
Domestic cost to income ratio6, 721.6%20.5%+1.1ppt 22.6%22.6%-0bps

1 EPS is calculated using weighted average number of shares after deducting cost of T1 Sukuk
2 ROTE, adjusted = Annualized Net Income (before deducting Tier 1 Sukuk and Amortization of Intangible Costs) / Average Tangible Equity
3 Net special commission margin = Annualized Net Special Commission Income excluding FV adjustment / Average commission earning assets
4 Fair Value (FV) unwind: SAR 246mn in 3Q 2026, SAR 467mn in 9M 2026 (3Q 2025: SAR 132mn, 9M 2025: SAR 270mn)
5 Cost of risk (CoR) = Expected Credit Losses / Average Gross Financing and Advances including POCI
6 Cost to Income Ratio (CIR) = Total operating expenses before expected credit losses, excluding amortization of intangible assets / Total Operating Income
7 Amortization of Intangibles: SAR 205mn in 3Q 2026, SAR 615mn in 9M 2026 (3Q 2025: SAR 205mn, 9M 2025: SAR 615mn)


 
Balance Sheet Summary
For the quarter as of 30 September 2026
SAR (mn)3Q 20262Q 2026Δ4Q 2025Δ3Q 2025Δ

Investments, net324,271322,219+1%320,004+1%318,201+2%
Financing and advances, net758,099739,563+3%729,311+4%725,090+5%
Total assets1,262,2671,244,688+1%1,210,032+4%1,206,607+5%
Due to banks and other financial institutions193,443146,640+32%190,189+2%204,504-5%
Customers' Deposits669,863698,170-4%636,094+5%639,488+5%
Debt securities issued76,10377,064-1%72,994+4%70,102+9%
Term Loans56,87365,642-13%59,649-5%50,578+12%
Total liabilities1,052,4881,029,828+2%1,006,204+5%1,009,566+4%
Equity attributable to shareholders of the Bank187,702191,182-2%185,626+1%179,782+4%
Additional Tier 1 Capital21,58123,153-7%17,653+22%16,718+29%
Total equity209,780214,860-2%203,827+3%197,041+6%

NPL ratio excluding POCI0.68%0.67%+1bps0.68%+0bps0.80%-12bps
Capital adequacy ratio21.1%22.0%-0.8ppt21.2%-0.0ppt20.8%+0.4ppt
Liquidity coverage ratio202.4%243.7%-41.3ppt285.1%-82.7ppt262.6%-60.2ppt
Net stable funding ratio114.5%119.0%-4.5ppt114.2%+0.3ppt112.3%+2.2ppt
SAMA LDR83.6%77.9%+5.6ppt82.5%+1.1ppt82.8%+0.8ppt

 
Additional Information

SNB’s 3Q 2026 financial statements, earnings release, and earnings presentation are available on the SNB IR website in advance of the 3Q 2026 Earnings Call, accessible at:
SNB Investor Disclosures

For additional information, please contact SNB at:
SNB Tower, Unit No. 778
King Abdullah Financial District
3208, Al Aqeeq District, King Fahad Road
Riyadh, Kingdom of Saudi Arabia, 13519 - 6676

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