Al Rajhi profit climbs 13% to 20.87 billion riyals in nine months

Summary

• Al Rajhi Bank posted a nine-month net profit of 20.87 billion riyals, up 13% year-on-year.
• Financing and total assets grew only 2%, far slower than the earnings line.
• Profitability is outpacing balance-sheet expansion at Saudi Arabia's largest lender by assets.

The latest

Net profit at Al Rajhi Bank reached 20,870 million riyals in the first nine months of 2026, a 13% increase from a year earlier, according to preliminary results the bank published on Wednesday, 21 October 2026. Third-quarter net profit came in at 7.1 billion riyals against 6.3 billion riyals in the same quarter of 2025, a rise of 11.7%.

Details

• The headline number: The bank reported 20,870 million riyals in net profit for the nine months to the end of September, up 13% on the comparable period of 2025. The figures were described as preliminary, the standard classification for Saudi listed lenders ahead of audited statements.
• The quarter: Third-quarter net profit stood at 7.1 billion riyals, compared with 6.3 billion riyals in the third quarter of 2025. The 11.7% quarterly growth rate ran slightly below the 13% recorded across the full nine-month period, implying a marginally softer pace late in the year.
• Operating income: Total operating income rose 13% to roughly 32,528 million riyals, matching the growth rate of the bottom line. Income and profit advancing in step points to earnings driven by revenue rather than by cost reductions or lower provisioning.
• The balance sheet: Total assets reached 1,076 billion riyals, a rise of just 2%. That is the figure that sets Al Rajhi's scale against its earnings: the bank generated a double-digit profit increase from an asset base that barely moved over the same twelve months.
• Financing and deposits: The financing portfolio grew 2% to 775 billion riyals, while customer deposits passed 700 billion riyals. The bank did not break down the financing growth by retail, corporate or mortgage lending, nor did it detail the deposit mix.
• Returns: Return on assets was reported at 2.7% and return on equity at 23.3%. The gap between the two ratios reflects the leverage inherent in a bank of this size, and the equity return is the metric Saudi lenders are most commonly benchmarked against.
• Per-share earnings: Earnings per share climbed to 3.27 riyals from 2.9 riyals a year earlier, an increase of about 13%, consistent with the growth in net profit and indicating no material dilution of the share count during the period.
• The chairman: Chairman Abdullah bin Suleiman Al Rajhi said the third-quarter results reflect continued execution of the bank's integrated banking strategy. He did not set out specific targets for the remainder of the year or quantify the strategy's contribution to the reported growth.
• Also: Return on equity reached 23.3%, with earnings per share at 3.27 riyals.

Background

Al Rajhi Bank is Saudi Arabia's largest lender by assets and one of the biggest Islamic banks globally. Saudi listed banks report preliminary quarterly results to the market before issuing audited financial statements.

Between the lines

The arithmetic carries the story: profit up 13% on assets up 2% and financing up 2% means the earnings came from the margin on existing business rather than from writing significantly more of it. A return on equity of 23.3% alongside near-flat lending suggests pricing and income mix are doing the work the balance sheet is not. Whether that is sustainable depends on funding costs the bank did not disclose.

What's next

Watch for the audited nine-month statements and the detailed financing breakdown, the fourth-quarter and full-year 2026 results, and comparable third-quarter disclosures from other Saudi lenders to show whether flat loan growth is sector-wide.

Source: Al Rajhi Bank statement via Argaam; Al-Eqtsad