Al Rajhi Bank overtakes SNB in loans, deposits for first time: Argaam CHARTS

Logo of Saudi National Bank (SNB) and Logo of Al Rajhi Bank

Saudi National Bank (SNB) and Al Rajhi Bank, the two largest lenders listed on the Saudi Exchange (Tadawul), announced today, Jan. 29, their annual financial results for 2024.

The results showed that the deposits and loans of Al Rajhi Bank exceeded those of SNB for the first time.

Al Rajhi Bank’s deposits reached SAR 628.2 billion at the end of 2024, increasing 10% year-on-year (YoY), while SNB deposits slipped 2% YoY to SAR 579.8 billion.

Al Rajhi Bank’s loans (financing investment) stood at SAR 693.4 billion by the end of 2024, up 17% from 2023-end.

Meanwhile, SNB’s loans grew 9% YoY to SAR 654.3 billion by 2024-end.

SNB’s assets rose by 7% YoY to SAR 1.1 trillion as of Dec. 31, 2024, while Al Rajhi Bank’s financial statements indicated an asset growth of 21% YoY to SAR 974.4 billion during the same period.

Comparing net profit, SNB reported a 6% profit increase in 2024 to 21.19 billion, while Al Rajhi Bank saw a 19% rise in earnings to SAR 19.72 billion during the same period.

Earnings per share (EPS) stood at SAR 3.44 and SAR 4.67 for SNB and Al Rajhi Bank, respectively.

For 2024, SNB reported a debt provision increase of 11% YoY to SAR 1.02 billion, while Al Rajhi Bank booked SAR 2.11 billion in provisions, increasing 41% YoY.