The Saudi National Bank (1180) Q3 2025 earnings summary

Executive summary

• Achieved record net income of SAR 18.6 billion for the first nine months of 2025, up 19% year-on-year, driven by strong balance sheet growth, robust core revenues, and improved cost discipline.

• Operating income reached SAR 29.3 billion, an 8% year-on-year increase, supported by growth in both wholesale and retail financing.

• Strategic focus on digitization, customer experience, and sustainability, with significant progress in digital sales, ESG initiatives, and rising NPS scores.

• Significant progress in sustainability, with $1.74 billion in ESG-labeled issuances and a $4.77 billion eligible sustainable asset portfolio.

• Comprehensive income for the period was SAR 20.46 billion, reflecting strong operational and investment performance.

Financial highlights

• Net income rose 19% year-on-year to SAR 18.6 billion for the nine-month period, with Q3 net income at SAR 6.5 billion, up 21% year-on-year.

• Operating income increased 8% year-on-year to SAR 29.3 billion; fees and other income grew 22% to SAR 7.6 billion, now 26% of total operating income.

• Cost-to-income ratio improved to a record low of 25.2% for the group and 22.6% domestically, with operating expenses declining 4% year-on-year.

• Total assets exceeded SAR 1.21 trillion, up 9% year-to-date; customer deposits increased 10% to SAR 639 billion.

• Earnings per share for the nine months were SAR 2.99, up from SAR 2.53 year-over-year.

Outlook and guidance

• Upgraded guidance for cost-to-income ratio to below 26% for the group and below 23% for domestic; ROTE guidance raised to 18–19% for 2025.

• Financing growth expected at the higher end of guidance, supported by strong wholesale and mortgage demand; NSCI growth in low-to-mid single digits.

• Cost of risk guidance maintained at 5–15bps; Tier 1 CAR expected at 19–20%.

• The bank remains in compliance with regulatory capital requirements and continues to monitor capital adequacy under Basel IV standards.

• Management emphasizes ongoing risk management and capital strength to support future growth.