Combined nine-month net profit at the 10 banks listed on the main market rose 6.84% to SAR 73.58 billion, from SAR 68.87 billion a year earlier. Al Rajhi led with SAR 20.87 billion, up 13.3%, ahead of SNB at SAR 19.48 billion, up 4.57%. Q3 profit alone rose 4.8% to SAR 24.75 billion, and SNB's Q3 was down 0.29%.
Nine-month growth of 6.84% has slowed to 4.8% in Q3. The sector is still growing, but momentum is fading. If you manage strategy at a mid-sized Saudi bank, focus on leading in a specific segment instead of trying to match Al Rajhi's balance sheet.
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Rent eases in Riyadh
The ratio of rent burden to household income in Riyadh fell to around 15% from more than 17.5% in September 2025, Real Estate General Authority CEO Abdullah Al-Hammad said, describing it as one of the first measured effects of the real estate balance decisions, more than 18 months after they were approved. He said the most financially vulnerable households had been spending more than 30% of their income on rent.
Investors looking at Riyadh residential yields should adjust their rent-growth expectations from above 17.5% to about 15%. This change is important because the authority has now linked its credibility to this target.
July's banking profit dips
Saudi banks made SAR 8.52 billion in profit before zakat and tax in July 2026, up 3% from SAR 8.24 billion in July 2025 but down from SAR 10.10 billion in June. Total assets reached SAR 5.187 trillion, up 7.30% year on year, deposits SAR 3.113 trillion, up 8.58%, and private sector credit SAR 3.266 trillion, up 5.64%. The data covers banks listed on the Saudi Exchange and foreign bank branches, from SAMA's monthly bulletin.
Banks are seeing deposits grow faster than loans, so margins are likely to be protected rather than increased. If you are selling to a bank, focus on cost-to-serve and skip the growth angle.
Minus 3.3%, then plus 7.9%
The IMF's October World Economic Outlook projects the Saudi economy to contract 3.3% in 2026 and grow 7.9% in 2027, under a baseline in which the Strait of Hormuz begins reopening in March 2027. The Fund sees Saudi inflation at 1.9% this year, while the Ministry of Finance's preliminary 2027 budget statement projected real GDP growth of 12.8% next year.
The difference between the IMF's 7.9% and the ministry's 12.8% reflects two opinions about how quickly oil revenues will come back. The budget is based on the more optimistic estimate.
