Saudi First Bank's net profit at the end of the second quarter of 2026 rose 10% to SAR 2.33 billion, compared to a net profit of SAR 2.12 billion in the same quarter of the previous year.

The bank said in a statement on Saudi Tadawul on Tuesday: 'Net profit rose 10%, mainly driven by an increase in net special commission income, a decrease in net expected credit loss allowance, and a decrease in income tax expense, but these factors were partially offset by a decline in total operating income, a decrease in the bank's share of profit from an associate company, and an increase in total operating expenses.'

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The decline in total operating income was mainly due to a decrease in foreign exchange income (due to lower volume of foreign currency trading), and a decrease in gains on financial instruments measured at fair value through other comprehensive income. Additionally, fee and commission income and other operating income decreased, but this was partially offset by an increase in net special commission income and an increase in income from financial instruments measured at fair value through profit or loss. For the period ended June 30, 2026 (six months), profit rose 3.6% to SAR 4.41 billion, compared to SAR 5.8 billion in the same period of the previous year. This was attributable to a 4% increase in total income, mainly driven by a decrease in net expected credit loss allowance, a decrease in income tax expense, and an increase in total operating income. This was partially offset by a slight increase in total operating expenses and a decrease in the bank's share of profit from an associate company. Total operating income also decreased by 1%, but included a 1% increase in net special commission income due to growth in average loan portfolio balances.