Saudi Awwal Bank reports SAR 6.6 billion net profit for the first nine months of 2026, up 3% year-on-year

Saudi Awwal Bank reported a net profit of SAR 6.582 billion for the first nine months of 2026, reflecting a 3% increase compared to the same period in 2025. The Bank's total operating income rose by 1% year-on-year to SAR 11.116 billion, while third-quarter revenue grew by 5% to SAR 3.841 billion compared to the previous quarter.

Lubna S. Olayan, Chair of the Board of Directors, highlighted the resilience of SAB's diversified business model and the strength of its long-term strategy, emphasizing the Bank's commitment to responsible growth and solid returns. Net loans and advances increased by 11% year-on-year to SAR 325 billion, aligning with the Bank's plans and guidance.

Olayan praised the Bank's improved margin performance, driven by disciplined asset repricing and stable funding costs, and noted the positive sequential momentum in quarterly operating income and pre-provision profit. The Bank's trade business continued to thrive, supported by its strong corporate banking business and position in trade and cross-border banking.

SAB's asset quality remained robust, with credit costs increasing due to heightened pressures. The Bank maintained a return on tangible equity of 14.2% for the first nine months of 2026, nearly double the levels at the start of its strategy in 2021. Olayan outlined the Bank's priorities of pursuing growth responsibly, selective capital deployment, and maintaining a strong and resilient balance sheet.

The third quarter saw SAB advancing its customer proposition through strategic partnerships and innovation, such as introducing the Kingdom's first Qatar Airways Privilege Club co-branded credit card and launching a dedicated e-commerce credit card. The Bank also enhanced international transfer capabilities through its collaboration with Swift.

Olayan concluded by expressing gratitude to customers, colleagues, and partners for their trust and support, reaffirming SAB's role in supporting Saudi Arabia's economic development as the Bank marks its 100th year of banking heritage in the Kingdom.