Largest Banks in Saudi Arabia

Saudi Arabia’s banking sector is the largest in the Gulf region, with total banking assets exceeding SAR 3.8 trillion (approximately USD 1 trillion). The sector is dominated by a handful of major institutions that combine commercial banking, Islamic finance, investment banking, and wealth management. Approximately 75 percent of total banking assets are Sharia-compliant, making Saudi Arabia the world’s largest Islamic banking market.

Saudi National Bank (SNB)

Saudi National Bank is the Kingdom’s largest bank by total assets, with a balance sheet exceeding SAR 950 billion. SNB was formed in 2021 through the merger of National Commercial Bank (NCB) and Samba Financial Group, creating a banking powerhouse with dominant market positions in corporate lending, trade finance, and wealth management.

SNB serves as the primary banking partner for many government-related entities and Vision 2030 mega-projects. The bank has an international presence including a strategic stake in UBS (acquired through its earlier investment in Credit Suisse). SNB’s profitability consistently leads the sector, with annual net income exceeding SAR 20 billion.

Al Rajhi Bank

Al Rajhi Bank is the world’s largest Islamic bank by market capitalization and Saudi Arabia’s second-largest bank by total assets, exceeding SAR 800 billion. The bank operates a fully Sharia-compliant model across retail banking, corporate banking, treasury, and investment services. With over 500 branches and a market-leading digital banking platform, Al Rajhi serves more than 12 million customers.

Al Rajhi’s retail franchise is particularly strong, with a dominant share of consumer lending, auto finance, and mortgage origination. The bank’s cost-to-income ratio is among the lowest in the global banking industry, reflecting operational efficiency and a low-cost funding base driven by current and savings accounts.

Riyad Bank

Riyad Bank is the third-largest Saudi bank with assets exceeding SAR 400 billion. The bank has a diversified business model spanning retail, corporate, and investment banking. Riyad Bank has been particularly active in project finance for Vision 2030 developments and maintains a strong position in the SME lending market.

The bank operates both conventional and Islamic banking windows, serving customers across more than 300 branches. Riyad Bank’s digital transformation programme has positioned it as a leader in mobile banking adoption among Saudi consumers.

Saudi British Bank (SABB)

SABB, majority-owned by HSBC, is a key player in international trade finance and cross-border banking. With assets exceeding SAR 350 billion, SABB benefits from HSBC’s global network while maintaining deep Saudi market knowledge. The bank merged with Alawwal Bank in 2019, strengthening its competitive position.

SABB’s strength in trade finance and corporate banking makes it a preferred partner for multinational companies operating in the Kingdom. The HSBC relationship provides access to global markets, correspondent banking networks, and international expertise that complement the bank’s domestic capabilities.

Banque Saudi Fransi (BSF)

Banque Saudi Fransi, historically affiliated with Credit Agricole, has assets exceeding SAR 250 billion. The bank serves corporate, institutional, and retail customers with a particular strength in structured finance and capital markets. BSF has been active in arranging sukuk issuances and project finance facilities for Vision 2030 projects.

Alinma Bank

Alinma Bank is one of the newer entrants to the Saudi banking market, having been established in 2006 as a fully Islamic bank. With assets exceeding SAR 200 billion, Alinma has grown rapidly by targeting younger Saudi customers with digital-first banking services. The bank’s digital platform and innovative product offerings have made it popular among tech-savvy Saudi consumers.

Bank AlJazira and Arab National Bank

Bank AlJazira, a fully Islamic bank with assets exceeding SAR 100 billion, has carved a niche in retail banking and wealth management. Arab National Bank, affiliated with Arab Bank Group, brings regional banking expertise and cross-border capabilities with assets exceeding SAR 200 billion.

Sector Dynamics

The Saudi banking sector is characterized by strong capitalization, with average capital adequacy ratios exceeding 18 percent, well above the Basel III minimum of 10.5 percent. Non-performing loan ratios are low, typically below 2 percent, reflecting conservative lending practices and a supportive economic environment.

Banking sector profitability has been robust, with aggregate net income exceeding SAR 70 billion annually. Return on equity averages approximately 14 to 16 percent, among the highest globally for major banking systems.

Role in Vision 2030

Saudi banks are central to financing the Kingdom’s transformation. They provide project finance for infrastructure and giga-projects, mortgage lending for the homeownership programme, SME lending for private sector development, and capital markets services for the IPO pipeline. SAMA has encouraged banks to expand lending to the private sector through adjusted reserve requirements and loan-to-deposit ratio guidelines, ensuring that the banking system supports Vision 2030’s growth objectives while maintaining prudential standards.