Samba’s Q3 2019 net income beats estimates, says Riyad Cap

Samba Financial Group’s Q3 2019 net income after zakat and tax of SAR 1.2 billion topped Riyad Capital and consensus’ forecasts of SAR 902 million and SAR 920 million, respectively.

Lower-than-expected provisions were the main reason behind deviation, Riyad Capital said in an earnings note.

The investment bank upgraded its recommendation on the stock to “Buy” from “Neutral”, but cut its price target to SAR 30 from SAR 34, the report issuer added.