Saudi National Bank’s (SNB) net profit attributable to shareholders rose nearly 7% annually to SAR 6.4 billion ($1.7 billion) in Q1 2026, supported by higher total operating income and lower total operating expenses.

Total operating income increased by 0.4% year-on-year (YoY) to SAR 9.7 billion for the quarter ended March 31, 2026, the lender said in a statement to the Saudi stock exchange on Tuesday.

Total operating expenses fell by 19.4% YoY, driven by lower rent and premises-related expenses and a decrease of SAR 609 million in the net impairment charge for expected credit losses.

Total assets rose 5% YoY to SAR 1.2 trillion, while customer deposits increased over 6% annually to SAR 665 billion by the end of the first quarter.

The bank’s loans and advances portfolio edged up 4% to SAR 733 billion by the end of the first quarter.

(Editing by Seban Scaria seban.scaria@lseg.com)