Al Rajhi and Al Ahli after Q2 2026 results... who outperforms?

Logos of Al Rajhi Bank and Saudi National Bank

Al Rajhi Bank and Saudi National Bank, the two largest listed banks in the Saudi market by market capitalization, announced their financial results for the second quarter of 2026, which showed Al Rajhi outperforming in profit growth and financing income, while Al Ahli outperformed in financing portfolio and customer deposits growth.

Al Rajhi Bank's profits rose in Q2 2026 by 14% to 7.01 billion riyals, compared to 6.15 billion riyals in the same period last year, while Saudi National Bank's profits rose by 7.6% to 6.61 billion riyals, compared to 6.14 billion riyals.

The shares of the two banks closed on Tuesday, July 21, 2026, the day of the results announcement, at 64 riyals for Al Rajhi share and 38.80 riyals for Saudi National Bank share.

The following table shows a comparison of the key indicators of the two banks during the second quarter of 2026:

Key indicators of the two banks during Q2 2026

Indicator

Al Rajhi Bank

Saudi National Bank

Share price – close July 21, 2026

64.00 riyals

38.80 riyals

Net profit for Q2 2026

7.01 billion riyals

6.61 billion riyals

Net profit growth

14.0%

7.6%

Net financing income

7.29 billion riyals

7.06 billion riyals

Net financing income growth

15.3%

4.8%

Net investment income

1.02 billion riyals

839 million riyals

Net investment income growth

3.5%

139.0%

Total operating income

10.88 billion riyals

10.58 billion riyals

Total operating income growth

13.3%

11.3%

Net provision for credit losses

881 million riyals

258 million riyals

Price-to-earnings ratio*

14.49 times

8.99 times

Return on average shareholders' equity

23.49%

14.0%

Assets

1054.77 billion riyals

1244.69 billion riyals

Asset growth

1.8%

3.6%

Financing portfolio

762.10 billion riyals

739.56 billion riyals

Financing portfolio growth

2.7%

3.5%

Customer deposits

688.36 billion riyals

698.17 billion riyals

Customer deposits growth

3.6%

6.0%

*P/E ratio calculated based on closing prices on July 21, 2026 and earnings per share for the last 12 months.

Al Rajhi Bank recorded strong growth in net profits mainly due to higher total income from financing and investment, while Al Ahli's growth was at a slower pace.

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