The Big Numbers Race: Intense Competition Between «Saudi National Bank» and «Al Rajhi Bank» for the Title of the Largest Bank in Saudi Arabia

Amid intensifying competition among major Saudi banks, a new edition of the «Big Numbers Race» highlights the fierce rivalry between «Saudi National Bank» and «Al Rajhi Bank» for the title of the largest bank in Saudi Arabia.

According to 2025 data, «Saudi National Bank» leads the Saudi banking sector in terms of total assets, while «Al Rajhi Bank» ranks second, in a closely contested race defined by narrow numerical differences.

In this context, «Saudi National Bank» recorded total assets of 322.61 USD bn by the end of 2025, compared to 278.15 USD bn for «Al Rajhi Bank» over the same period.

At the deposits level, «Al Rajhi Bank» holds the advantage, with a deposit portfolio reaching 177.91 USD bn by the end of 2025, compared to 169.59 USD bn for «Saudi National Bank».

In terms of lending activity, «Al Rajhi Bank» also leads, with net financing reaching 200.69 USD bn by the end of 2025, versus 194.44 USD bn for «Saudi National Bank».

Looking at growth trends over the past three years (2022–2025), «Al Rajhi Bank» recorded stronger asset growth of 37.1%, compared to 28.2% for «Saudi National Bank».

This momentum contributed to a slight narrowing of the gap between the two banks to 44.46 USD bn by the end of 2025, compared to 48.74 USD bn in 2022.

«Al Rajhi Bank» further strengthened its lead in deposits, achieving cumulative growth of 18.3% over three years, compared to 12.1% for «Saudi National Bank».

This acceleration in growth dynamics reshaped the competitive landscape, enabling «Al Rajhi Bank» to surpass its competitor by the end of September 2025. However, rankings remain fluid, supported by the relatively narrow deposit gap of 8.32 USD bn by the end of 2025, amid evolving growth dynamics.

On the financing side, «Saudi National Bank» recorded growth of 34% in net financing over the past three years, compared to 32.7% for «Al Rajhi Bank».

Despite this relative growth advantage, it did not significantly reduce the gap, which slightly widened to 6.25 USD bn by the end of 2025, compared to 6.13 USD bn in 2022.

In terms of profitability, «Saudi National Bank» reported net profits of 6.66 USD bn in 2025, achieving a return on assets (ROA) of 2.16% and a return on equity (ROE) of 12.60%.

In contrast, «Al Rajhi Bank» posted net profits of 6.62 USD bn in 2025, with a ROA of 2.47% and a ROE of 18.68%, reflecting higher operational efficiency.

Regarding the capital base, «Saudi National Bank» holds a clear advantage, strengthening its ability to expand, with capital reaching 16.00 USD bn by the end of 2025, compared to 10.66 USD bn for «Al Rajhi Bank», providing greater capacity to finance growth, absorb shocks, and enhance financial resilience.

Financial indicators for both banks confirm that the competition is built on a balanced equation between structural scale and operational efficiency.

«Saudi National Bank» leads in asset size and capital base, giving it a stronger financial foundation and greater strategic flexibility to support expansion plans and absorb shocks, along with a higher capacity to finance future growth without capital constraints.

On the other hand, «Al Rajhi Bank» outperforms in financing and deposits, while achieving higher returns on assets and equity, reflecting superior efficiency in resource allocation and profitability generation from core banking activities.

With net profits remaining closely aligned, the competition reflects two distinct models: one driven by scale and capital strength represented by «Saudi National Bank», and another based on growth dynamics and capital efficiency led by «Al Rajhi Bank».

This indicates that leadership in the Saudi banking sector is not a fixed position, but rather a direct outcome of effective balance sheet management, resource optimization, evolving growth strategies, and responsiveness to market dynamics in theupcoming period.