The Saudi banking system consists of 24 licensed banks including 12 domestic financial institutions and 17 branches of foreign banks. The total assets of banking sector amounted to approximately US$600 billion in 2018. Saudi Arabia Monetary Authority (SAMA), founded in 1952, is the country’s central bank. Dr. Ahmed Abdulkarim Alkholifey is the Governor of SAMA. Below is a list of the top 10 largest banks in Saudi Arabia.
National Commercial Bank
National Commercial Bank (or AlAhli Bank) is the largest bank in Saudi Arabia by assets and the second-largest by market capitalization. It is also one of the largest Islamic banks in the world. AlAhli serves over 5.4 million customers through 400 branches and 3,500 ATMs across the Kingdom. As of March 31, 2019, it had total assets of US$124 billion, deposits of US$82.5 billion and total equity of US$18.3 billion. It was named the Best Bank in Saudi Arabia by Euromoney, Best Islamic Card in KSA by Islamic Business & Finance, and Best Consumer Digital Bank by Global Finance. The Bank's market capitalization was US$37 billion as of December 1, 2019.
Al Rajhi Bank
Al Rajhi Bank is the second largest bank in Saudi Arabia based on total assets and the largest by number of branches and ATMs. It is a number one in Saudi Arabia by auto loans, personal loans and mortgages. It is also the largest retail bank in the Middle East in terms of market share of current accounts and deposits. With over 9 million customers, it has a network of more than 550 branches, 236 remittance centers and 5,000 ATMs nationwide as well as 18 branches in Malaysia, 2 in Kuwait and 10 in Jordan. As of March 31, 2019, Al Rajhi Bank posted total assets of US$97 billion.
Founded in 1957, Riyad Bank is the third largest bank in the Kingdom of Saudi Arabia in terms of total assets. With over 5,500 employees, it operates through approximately 350 branches and 2,600 ATMs. As of March 31, 2019, the company had total assets of US$63.8 billion, customer deposits of US$46 billion and loans of US$42 billion. Net income for the year ended December 31, 2018 was US$1.26 billion. Riyad Bank has a long term rating of A- from Fitch, BBB+ from Standard & Poor’s and A1 from Moody's.
Samba Financial Group is the fourth largest bank in the Kingdom of Saudi Arabia with 72 branches, 25 ladies centers, 30 speed cash centres, 540 ATMs and 3,290 FTE employees. It also has overseas branches in London (UK), Qatar, Pakistan and Dubai. Samba was the first in the country to offer Islamic credit cards, debit cards, phone banking, investment banking, brokerage, leasing, credit shield insurance, Murabaha-based cash finance, GCC online trading and FX derivatives, among others. As of March 31, 2019, Samba Financial Group’s total assets were US$61 billion and revenue for the first quarter 2019 was US$530 million.
Banque Saudi Fransi
Banque Saudi Fransi (BSF) is one of the top 10 banks in Saudi Arabia. With over 3,000 employees, it operates through more than 80 branches, 18 ladies sections and 560 ATMs across the country. BSF offers personal and business banking, Islamic banking, wealth management and other services. Banque Saudi Fransi is affiliated with Credit Agricole CIB, a corporate & investment unit of French Credit Agricole Group. The Bank was established in 1977 and is headquartered in Riyadh.
Saudi British Bank
Saudi British Bank (SABB) is a universal commercial bank providing a full range of products and services including current and saving accounts, business and personal loans, time deposits, mortgages, trade finance, cash management, credit and debit cards, treasury services as well as Shariah approved products. SABB was named Best Private Bank and Best Trade Finance Provider by Global Finance; Best Credit Card Brand by Banker Middle East; and Best CSR Bank. As at March 31, 2019, the Bank's total assets amounted to US$46 billion and customer deposits - US$34 billion. In June 2019, SABB completed the merger with Alawwal bank creating the third-largest Saudi lender.
Arab National Bank
Arab National Bank (ANB) is one of the leading financial institutions in Saudi Arabia and one of the top 10 banks in the Middle East. With over 2 million customers, the Bank operates a network of 140 branches, 1,250 ATMs, 95 remittance centers and 14 sales centers in the Kingdom and one branch in London, the UK. ANB's key areas are retail and private banking, commercial banking, corporate banking, treasury services and project & structured finance.
Alinma Bank is a large Saudi bank headquartered in Riyadh. With 2,700 employees, it offers a comprehensive range of Shariah-compliant retail, corporate and investment banking services through 90 locations for men, 63 locations for women, 5 sales centers and 1,460 ATMs across all regions of the Kingdom. Alinma is the first bank in Saudi Arabia to install coin deposit machines. As at May 2019, Alinma Bank had a market capitalization of US$11 billion.
Alawwal Bank (formerly Saudi Hollandi Bank), established in 1926, was the first bank to operate in Saudi Arabia. Today the company provides award-winning personal and corporate banking services and operates through more than 67 branches and over 560 ATMs throughout the country. In 2016, it was rebranded from Saudi Hollandi Bank to Alawwal Bank. In 2018, Alawwal Bank was named "Best Private Bank in KSA" and "Most Innovative Bank in KSA" (Banker Middle East). In October 2018, Alawwal's Board of Directors approved a merger with SABB (Saudi British Bank).
Saudi Investment Bank
The Saudi Investment Bank (SAIB), founded in 1976, is a major bank in Saudi Arabia providing retail, commercial and wholesale banking products and services through over 50 branches. SAIB's shareholders are JP Morgan Chase, Mizuho Corporate Bank, Industrial Bank of Japan, Saudi private and public institutions and Saudi Individuals. As at June 30, 2018, Saudi Investment Bank had total assets of US$27 billion, customer deposits of US$19 billion and loans and advances of US$16 billion.
Bank AlJazira is one of the leading Shariah compliant financial services groups in Saudi Arabia. The company operates through more than 80 branches and 50 Fawri Remittance Centers across the Kingdom. As of December 31, 2018, it recorded total assets of US$19.5 billion.
Related articles: Foreign Banks in Saudi Arabia
Top 10 Banks in Saudi Arabia by assets
The list below shows the ten largest banks in the Kingdom of Saudi Arabia ranked by total assets in billion U.S. dollars.
|Rank||Bank||Total Assets, US$b (March 31, 2019)|
|1||National Commercial Bank||124.182|
|2||Al Rajhi Bank||96.662|
|4||Samba Financial Group||61.246|
|5||Banque Saudi Fransi *||50.594|
|6||Saudi British Bank||46.245|
|7||Arab National Bank||45.002|
|9||Saudi Investment Bank||25.297|
|10||Alawwal Bank *||21.836|
* Data as of December 31, 2018