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Al-Awwal Bank Q3 profits reach 2.17B Riyals
The Saudi First Bank (Al-Awwal) achieved a net profit of 2.165 billion riyals in the third quarter of 2026, marking a 0.98% increase year-over-year, driven by higher operating income and a decrease in income tax provisions, despite partially offset by an increase in expected credit loss provisions and higher operating expenses. For the first nine months of 2026, the bank's profits rose by 2.76% to reach 6.58 billion riyals. This increase was mainly due to a decrease in income tax provisions and higher operating income, primarily driven by increased net fee income and the sale of debt instruments, despite some regulatory changes impacting income from credit card fees. However, profits declined by 7.12% compared to the second quarter of the same year.
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