Albilad’s Q2 results below estimates: Saudi Fransi Capital

Bank Albilad’s second quarter financial results were lower than estimates, said Saudi Fransi Capital, the investment arm of Banque Saudi Fransi.

The firm maintained its “hold” recommendation for the bank with a target price of SAR 36.80 per share.

Saudi Fransi Capital added that Albilad has a low-cost funding base and a well-capitalized balance sheet that supports a healthy lending strategy and business growth.

Bank Albilad, one of the smallest banks operating in Saudi Arabia, reported on Tuesday a net profit  of SAR 380.6 million in H1-2015, a one percent increase compared to the same period last year.

The bank’s Q2 net profit was SAR 206.5 million, about 1.1 percent higher compared to the same quarter a year ago.