Saudi Arabia’s banking sector reinforced its role as a pillar of the national economy, posting a record start to 2026 with unprecedented first-quarter profits.

The Kingdom’s 10 listed banks posted combined net profit of $6.4 billion (SR23.95 billion) in the first quarter, up 7.6 percent from a year earlier, underscoring the sector’s ability to convert momentum generated by Vision 2030 into sustained financial gains.

The performance was driven by strong results from major lenders including Saudi National Bank, Al Rajhi Bank, and Riyad Bank, as well as Saudi Awwal Bank, Banque Saudi Fransi, and Arab National Bank.

The other banks making up the cohort were Alinma Bank, Bank Albilad, the Saudi Investment Bank and Bank AlJazira.

Al Rajhi Bank led the sector, with profit rising 14.3 percent to SR6.75 billion. The bank attributed the increase to an 18.4 percent rise in net financing and investment income, stronger returns on financing and investment, a 14.4 percent increase in operating income, higher banking fees and foreign exchange income, and lower depreciation expenses.

The Saudi National Bank ranked second, reporting net profit of SR6.42 billion, up 6.66 percent. It said growth was driven by a 3.1 percent rise in financing and investment income to SR14.8 billion, supported by expansion in its lending portfolio, higher operating income and lower operating expenses, including reduced expected credit-loss provisions.

Riyad Bank held third place with profit of nearly SR2.61 billion, up 5.1 percent. The lender cited higher trading income and stronger special commission income, along with lower losses on non-trading investment sales. Lower impairment charges also helped trim operating expenses.

On a quarterly basis, the sector also set a new high, with first-quarter profit up 1.26 percent from the fourth quarter of 2025, when earnings reached $6.31 billion.