Saudi First Bank demonstrated stable performance during the first quarter of 2026, with total operating income reaching 3.612 million Saudi Riyals, reflecting the efficiency of its diversified business model and continued growth across various core sectors.
The net income after zakat and income tax stood at 2.086 million Saudi Riyals, representing a slight year-on-year decline of 2%. This decrease is primarily attributed to the bank's cautious and proactive approach to risk management, enhancing the robustness and quality of its financial position.
Event Details
Lubna Olayan, Chairperson of Saudi First Bank, announced the bank's financial results for the period ending March 31, 2026. The results revealed that net loans and advances reached 307 billion Saudi Riyals, an increase of 10% compared to 279 billion Saudi Riyals in the first quarter of 2025.
Customer deposits also rose to 331 billion Saudi Riyals, marking a 14% increase compared to 290 billion Saudi Riyals during the same period last year. Total equity amounted to 81 billion Saudi Riyals, reflecting an 11% increase from 73 billion Saudi Riyals in the first quarter of 2025.
Background & Context
This performance comes at a time when the global economy faces significant challenges, necessitating financial institutions to adopt flexible strategies to adapt to economic and geopolitical changes. Saudi First Bank has demonstrated its ability to navigate these conditions thanks to its strong financial structure and prudent risk management.
The bank's liquidity continues to be one of its key strengths, as customer deposits have increased in line with the bank's strategic priorities, supporting ongoing lending activity and balance sheet growth.
Impact & Consequences
The financial results of Saudi First Bank underscore the resilience of its diversified business model, with the retail banking sector achieving a 2% quarter-on-quarter growth and 10% year-on-year growth, indicating strong performance despite a slowing market pace.
The corporate banking sector also maintained strong momentum, driven by a promising business portfolio that contributed to a 3% quarter-on-quarter growth. Although fee income declined due to regulatory changes, the bank managed to partially offset this through realized gains from its investment portfolio.
Regional Significance
These results are a positive indicator of the stability of the banking sector in Saudi Arabia, reflecting the ability of banks to face economic challenges. The bank's commitment to sustainability and community contributions enhances its role as a key player in the local economy.
In conclusion, Saudi First Bank reaffirms its readiness to continue achieving sustainable growth, backed by a strong capital base and robust liquidity, with a focus on innovation and prudent risk management.