Saudi First Bank's Q1 2026 profits: Strong growth reflects the economy's resilience

announced Saudi First Bank (SABB) its consolidated financial results for the period ending March 31, 2026, revealing a strong start to the year with stable financial performance reflecting its robust financial position and the efficiency of its operational strategy. The bank achieved a net income after zakat and income tax of SAR 2.086 billion, supported by significant growth in its core activities and a solid capital base.

Strong financial performance and promising growth indicators

The financial results for the first quarter of 2026 showed stability in total operating income at SAR 3.612 billion, compared to SAR 3.620 billion in the same period of 2025. Despite a slight decrease in net income of 2% year-on-year, which the bank attributed to its prudent and proactive approach to risk management, other key indicators showed strong growth:

• Net loans and advances: rose by 10% to reach 307 billion riyals, compared to 279 billion riyals in the first quarter of 2025, reflecting increased lending activity to individuals and companies.
• Customer deposits: They recorded a growth of 14% to reach 331 billion riyals, up from 290 billion riyals, which confirms the high confidence of customers and the strength of liquidity at the bank.
• Total equity: grew by 11% to reach SAR 81 billion, compared to SAR 73 billion in the same period of the previous year, thus strengthening the bank’s capital base.

Historical context and leading position in the Saudi banking sector

Saudi First Bank, established in 2021 through the historic merger of Saudi British Bank (SABB) and Alawwal Bank, is one of the largest financial institutions in the Kingdom of Saudi Arabia. With roots spanning over 90 years, the bank possesses a rich heritage and a deep understanding of the local market. Its strategic partnership with the global HSBC Group enhances its ability to provide comprehensive international banking services to its clients, positioning it as a key player in trade finance, investment, and supporting major corporations and national mega-projects.

The importance of the results in light of Saudi Vision 2030

These results are particularly significant as they reflect the resilience of the Saudi banking sector and its ability to sustain growth amidst the Kingdom's economic transformation. The growth of Alawwal Bank's loan portfolio aligns directly with the goals of Saudi Vision 2030, as the bank contributes to financing development projects and supporting both the corporate and retail sectors, thus driving economic diversification. Furthermore, the increase in customer deposits indicates growing confidence in the local economy and the strong financial standing of citizens and businesses.

Commenting on the results, Lubna Olayan, Chair of the Board of Directors of Alawwal Bank,: “The bank’s performance in the first quarter demonstrates the strength of its diversified business model, with continued growth across both the retail and corporate segments, supported by strong liquidity levels and a diversified funding structure.” She added that the prudent approach to risk management enables the bank to confidently navigate current economic and geopolitical challenges.

Sustainability and social responsibility: key pillars

Alawwal Bank continues to strengthen its commitment to sustainability standards, a commitment that has garnered international recognition, reflected in its upgrade to “AA” in the Morgan Stanley Capital International (MSCI) Environmental, Social and Governance (ESG) Index. During the quarter, the bank contributed SAR 24 million to support community development programs across the Kingdom. These efforts have been crowned with prestigious awards, most notably the “Best Bank in Environmental, Social and Governance Practices in the Kingdom” award from Euromoney for the third consecutive year, further solidifying its leading position.

Al-Olayan concluded her statement by saying: “On behalf of the Board of Directors, I would like to thank our customers for their trust and our employees for their continued dedication. We also appreciate the ongoing support from regulatory bodies, most notably the Saudi Central Bank and the Capital Market Authority, and we are committed to building on our achievements.”.