SNB vs Al Rajhi Bank: Who led Q3 2026 performance?

Logo of Saudi National Bank (SNB) and Logo of Al Rajhi Bank

Saudi National Bank (SNB) and Al Rajhi Bank, the two largest lenders listed on the Saudi Exchange (Tadawul), announced their third-quarter 2026 financial results.

Al Rajhi Bank’s net profit rose 11.7% to SAR 7.11 billion in Q3 2026, compared to SAR 6.36 billion. Meanwhile, SNB's Q3 2026 net profit inched lower by 0.3% year-on-year (YoY) to SAR 6.45 billion.

The earnings gap between the two banks widened to nearly SAR 656 million in Al Rajhi Bank’s favor in Q3 2026, compared to around SAR 406 million in Q2 2026.

Al Rajhi Bank and SNB stocks ended Tuesday's trading session at SAR 60.15 and SAR 36.54, respectively.

*P/E Ratio was calculated based on the closing price on Oct. 20, 2026 and EPS for the last 12 months, as well as RoE for the last 12 months.

Al Rajhi Bank reported net profit growth, supported by higher net financing and investment income and banking service fees, despite higher credit loss provisions in during Q3.

By contrast, SNB’s profit declined slightly due to higher operating expenses and credit loss provisions, despite an increase in net financing and investment income.

Al Rajhi Bank outperformed in terms of financing portfolio and customer deposits, while SNB retained its lead in total assets. SNB also recorded higher growth rates in financing and deposits.

In terms of valuation and profitability, Al Rajhi Bank posted a higher RoE, while SNB’s P/E ratio stood at 8.48x, compared to 13.25x for Al Rajhi Bank.