Al Rajhi Tops Saudi Deposits, Displacing SNB as the Kingdom’s Deposit Leader

A recent analysis conducted by First Bank on key developments in the Saudi banking sector—particularly the intensifying race for deposit market leadership between Saudi National Bank (SNB) and Al Rajhi Bank—reveals a significant shift in the competitive landscape between the Kingdom’s two largest banks.

Al Rajhi Bank secured the top position in total customer deposits as of September 2025, overtaking SNB with a lead of SAR 30.69bn.

This shift follows years in which SNB maintained its dominance through September 2024, during which it consistently held the largest deposit base in the Saudi market.

However, 2024 marked a turning point. Al Rajhi Bank surpassed SNB for the first time in its history and continued to hold the lead through March 2025. Although SNB briefly regained the top spot in June 2025, Al Rajhi reclaimed first place by the end of the third quarter—underscoring the intensity and fluidity of competition between the two institutions.

According to the banks’ consolidated financial statements, Al Rajhi’s customer deposits rose to SAR 670.18bn by September 2025, compared with SAR 622.57bn a year earlier—representing 7.6% year-on-year growth.

SNB, by contrast, posted only marginal growth, with customer deposits increasing to SAR 639.49bn in September 2025, up from SAR 634.19bn in September 2024—a modest 0.8% year-on-year rise.

Al Rajhi’s broader financial performance also reflects strong momentum, supported by an ambitious growth strategy and a forward-looking approach to strengthening its market standing.

Net profit climbed to SAR 18.44bn during the first nine months of 2025, up from SAR 14.21bn in the same period of 2024—a 29.7% increase, or an additional SAR 4.23bn.

Net financing and investment income grew 21.2% to reach SAR 21.70bn in the nine-month period, compared with SAR 17.90bn a year earlier.

Banking services fees (net) also recorded strong expansion, rising to SAR 4.31bn in the first nine months of 2025 from SAR 3.40bn in 2024—an increase of 26.7%, or SAR 910.27mn.

On the balance sheet front, total assets rose to SAR 1.06tn by September 2025, up from SAR 902.57bn a year earlier—a robust 17.4% year-on-year growth.

Net financing reached SAR 755.99bn, compared with SAR 649.02bn in September 2024—an increase of 16.5% year-on-year.