The top four lenders in the GCC are expected to report strong profits in 2026 despite the US and Iran struggling to end the war that has roiled the region's economies, S&P Global Market Intelligence said in a report.

Saudi-based Al Rajhi Bank is expected to record the largest year-on-year profit rise among all six banks in 2026, at 13.6%, with earnings rising further in 2027 and 2028, the report said, citing Visible Alpha consensus estimates. 

Visible Alpha fintech is a part of S&P Global Market Intelligence.

Saudi National Bank, Qatar National Bank and Abu Dhabi Commercial Bank are forecast to report higher profits. However, Emirates NBD Bank and First Abu Dhabi Bank (FAB) are expected to report low-single-digit profit declines, though earnings will still be above 2024 levels.

In 2027, all six banks are projected to report profit growth between 7% and 18%.

Although aggregate revenue growth is expected to slow in 2026, net interest income (NII)-- the banks' main revenue driver that is boosted by higher interest rates--will exceed 2025 levels, according to Visible Alpha estimates.  

Total NIIs are expected to reach $47.56 billion in 2026, $51.42 billion in 2027 and $55.35 billion in 2028, compared to $42.82 billion in 2025, the report said.

(Edited by Brinda Darasha; brinda.darasha@lseg.com)