Al Rajhi Bank’s Q2 profit beats estimates: Saudi Fransi Capital

09/07/2015 Argaam

Al Rajhi Bank’s second quarter net profit exceeded analyst expectations by 12 percent, Saudi Fransi Capital said in a report.

 

The brokerage firm maintained a “hold” rating on the bank’s stock and kept its target price at SAR 55.

 

The investment arm of Banque Saudi Fransi added that Al Rajhi’s balance sheet growth was lower for the quarter when compared to the banking sector average.

 

Meanwhile, the stock outperformed the sector index and the main benchmark index.

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