Al Rajhi Bank’s Q1-2017 net profit at SAR 2.22 billion was mostly in line with Aljazira Capital’s estimate of SAR 2.16 billion, backed by strong income from financing and investments, the brokerage said in an earnings note.

 

Gross financing and investment income grew by 12 percent year-on-year (YoY).

 

Total operating income increased by 4.3 percent YoY to SAR 2.85 billion.

 

“Income from other operating activities is a cause of concern, which we believe resulted from weak income from banking fees and services, as well as income from foreign exchange,” the brokerage firm added.

 

Al Rajhi Bank’s full-year profit is projected to grow by 4.2 percent to SAR 8.5 billion.

 

Aljazira Capital assigned a “neutral” rating to the stock, setting its target price at SAR 70.30.  

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