At the forefront, Saudi National Bank reported a net profit of SAR 21.2 billion, a 6% rise compared to SAR 20 billion in 2023. This growth was primarily attributed to a 4.2% increase in total operating income, which reached SAR 36 billion. The bank's performance was bolstered by a 2.7% uptick in net special commission income, a 17.2% surge in net fee income from banking services, and an 11.9% increase in total investment income. Additionally, SNB's total assets expanded by 6.5%, driven by an 8.8% growth in its financing portfolio, notably a 12.2% rise in mortgages and a 10.4% increase in wholesale financing.
Al Rajhi Bank, the nation's largest Islamic lender, also demonstrated significant growth, with net income rising by 18.7% to SAR 19.72 billion in 2024, up from SAR 16.62 billion the previous year. The bank's total operating income grew by 16%, reaching SAR 32.05 billion, fueled by increased net financing and investment income, as well as higher fees from banking services. Chairman Abdullah bin Sulaiman Al Rajhi highlighted the bank's strategic focus on diversifying income sources and expanding its financing portfolio as key factors in achieving these record profits.
The overall performance of Saudi banks reflects a broader trend of financial sector growth in the region. The aggregate net profit of the kingdom's commercial banks reached nearly SAR 90 billion in 2024, a 15% increase from the previous year. This surge is largely due to strong credit growth and heightened participation in debt markets, aligning with Saudi Arabia's Vision 2030 objectives to diversify the economy and reduce reliance on oil revenues.