SAB profit falls 2% to SAR 2.09B in Q1 2026

Saudi Awwal Bank (SAB) reported a 2% decline in Q1 2026 net profit to SAR 2.09 billion from SAR 2.14 billion in the year-earlier period.

SAB said net special commission income fell 1% on annual basis in Q1 2026. This came as higher commission expenses—driven by a larger share of time deposits—offset lower interbank funding costs.

Operating expenses also increased in Q1 2026, mainly due to higher depreciation and amortization following recent software capitalization, as well as higher staff salaries and benefits. This was partly offset by lower general and administrative expenses.

Net expected credit loss provisions rose by SAR 25 million, or 16.9%, due to higher provisioning on loans amid increased modelled risk assumptions linked to geopolitical uncertainty. Provisions on off-balance sheet exposures also increased for Q1 2026. This was partly offset by higher recoveries from written-off loans during the same quarter.

Total operating income was broadly unchanged in Q1 2026. Lower fee and commission income, and weaker FX income were offset by gains from the sale of debt instruments measured at fair value through other comprehensive income.

Sequentially, however, the three-month net profit grew 1.9% from SAR 2.04 billion in Q4 2025.

Total shareholders’ equity, excluding minority interest and sukuk, climbed to SAR 68.62 billion as of March 31, 2026, from SAR 64.94 billion a year earlier.

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