Al Rajhi Bank Q2 profit rises 14% to over 7 billion riyals

Al Rajhi Bank’s net profit rose by 14% in the second quarter of 2026 to approximately 7.01 billion riyals (SAR), compared to about 6.15 billion riyals in the same period of 2025. On a quarterly basis, the bank’s net profit increased by 3.8% in the second quarter of this year, compared to a net profit of around 6.75 billion riyals in the first quarter of 2026.

In a statement on the Saudi Exchange (Tadawul) on Monday, the bank said the year-on-year increase in net income for the second quarter was mainly due to a 13.3% rise in total operating income. This was primarily driven by higher net financing and investment income, increased banking service fees, and income from foreign currency exchange.

Al Rajhi Bank added that this was offset by a decline in income from other operations, while total operating expenses—including provisions for credit losses—increased by 19.4%. This was due to higher general and administrative expenses, staff salaries and benefits, partially offset by lower depreciation expenses. Provisions for credit losses also rose from 600 million riyals to 881 million riyals, an increase of 46.8%.

The bank attributed the 46.8% increase in net expected credit loss provisions, reaching about 881 million riyals, to a 36% rise in total additions, as well as a 26.3% increase in recovered amounts from written-off financing compared to the same quarter last year.

During the first half of this year, Al Rajhi Bank’s net profit grew by 14.2% to about 13.76 billion riyals, compared to a net profit of around 12.06 billion riyals in the first half of 2025.

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