Alawwal Bank’s Q4 2017 net profit of SAR 327 million, came in line with Riyad Capital’s estimate of SAR 340 million, but topped consensus’ forecasts of SAR 287 million, the brokerage firm said in an earnings note.

 

Net special commission income (NSCI) jumped 11 percent year-on-year (YoY) but slipped 1 percent on a quarterly basis to SAR 706 million, in line with the brokerage firm’s expectations.

 

“Incline in profitability resulted from higher NSCI and lower operating expenses, which fell by -48 percent Y/Y,” Riyad Capital added.

 

The bank is likely to report net profit of SAR 1.55 billion this year and pay cash dividend at SAR 0.50 per share, up from SAR 0.25 per share in 2017.

 

The brokerage firm added that it remained “neutral” on the stock, with the target price unchanged at SAR 14.00.

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