Al Rajhi Bank reported net income of SAR20.87 billion for the first nine months of 2026, an increase of 13.3% from SAR18.42 billion a year earlier. Operating income rose 13.4% to SAR32.53 billion. The Saudi lender said growth reflected higher net financing and investment income alongside fee income. Argaam calculated third-quarter net income at about SAR7.1 billion.
Total assets increased 2% to SAR1.076 trillion at the end of September. The financing portfolio also grew 2% to SAR775 billion, while customer deposits exceeded SAR700 billion. Those movements show continued balance-sheet expansion, though at a slower rate than profit growth. The bank remains Saudi Arabia's largest listed lender by market value.
REVENUE GROWTH OUTPACED BALANCE-SHEET EXPANSION
The rise in operating income outpaced the 2% increase in both assets and financing. That gap indicates stronger income generation from the existing balance sheet as well as incremental growth. The bank's Islamic financing franchise gives it broad exposure to Saudi household and corporate activity. Deposit growth remains important because it supports funding as credit demand expands.
Al Rajhi has benefited from high domestic interest rates and sustained economic activity, but funding competition among Saudi banks remains relevant. Its deposit base provides a source of relatively stable funding, while the scale of the financing portfolio increases sensitivity to credit quality. The results release did not change the bank's strategic direction. It instead showed continued earnings growth through the first nine months.
CREDIT QUALITY AND FUNDING COSTS REMAIN CENTRAL
Investors will compare the profit increase with changes in provisions, margins and deposit pricing when the detailed financial statements are assessed. Higher rates can support financing income but may also raise funding costs and pressure borrowers. The bank's ability to preserve asset quality while expanding financing will determine how much of the revenue growth reaches future profit. Capital strength will also shape its capacity for further lending.
The next full milestone will be Al Rajhi's annual results, which will show whether the nine-month growth rate was maintained through the final quarter. Markets will watch customer-deposit growth, impairment charges and the mix of retail and corporate financing. A slower expansion in assets than in earnings is supportive, but it does not by itself guarantee the trend will continue. No new annual guidance was announced with the nine-month figures.