Saudi Awal Bank (SAB) reported a 3 percent increase in net profit for the first nine months of 2026, reaching SAR 6.6 billion ($1.75 billion), according to an announcement by Lubna S. Olayan, chair of the bank’s board of directors. The results cover the period ending September 30 and reflect the bank’s continued growth amid shifting market conditions.
Total operating income for the period rose slightly to SAR 11.2 billion, up 1 percent year on year. Third-quarter revenue increased by 5 percent compared to the previous quarter, reaching SAR 3.8 billion, signaling improved sequential momentum. The bank’s net loans and advances expanded by 11 percent annually to SAR 325 billion, aligning with SAB’s strategic targets.
Olayan attributed the performance to SAB’s diversified business model and long-term strategy focused on balanced growth. "Our priorities remain clear: to pursue growth responsibly, deploy capital selectively and maintain a strong and resilient balance sheet," she said. The bank has emphasized disciplined capital deployment, prudent risk management, and solid return generation, which remain central to its objectives.
Quarterly operating income and pre-provision profit both rose compared to the second quarter, reflecting effective asset repricing and stable funding costs. SAB reported a return on tangible equity of 14.2 percent for the nine-month period, nearly twice the level recorded at the start of its current strategy in 2021.
The bank’s trade finance activities remained robust, supported by its established corporate banking operations and cross-border trade capabilities. These have been key to SAB’s role in facilitating business activity and supporting Saudi Arabia’s expanding international economic connectivity.
SAB’s asset quality held steady despite a modest increase in credit costs during the period, which the bank attributed to broader economic pressures. Management continued to apply a forward-looking provisioning approach, supported by disciplined risk oversight and balance sheet strength.
Enhancing customer experience remained a focus in the third quarter, with SAB launching several initiatives, including the Kingdom’s first Qatar Airways Privilege Club co-branded credit card, a dedicated e-commerce credit card developed with the retail platform noon, and improved international money transfer options through a partnership with Swift. These developments aim to strengthen the bank’s competitive position and respond to evolving client needs.
The bank also reiterated its commitment to supporting customers and employees amid ongoing operational challenges, emphasizing service continuity and employee well-being.
Marking 100 years of banking heritage within Saudi Arabia, SAB reaffirmed its focus on contributing to the country’s economic development. Olayan expressed gratitude to customers, employees, regulators including the Saudi Central Bank and the Capital Market Authority, and strategic partner HSBC for their support during the period.