Riyad Capital has issued Q3 2017 earnings forecasts for several Tadawul-listed banks under its coverage.
“We expect a continued expansion in spreads in Q3, following on from the previous two quarters”, Riyad Capital added.
Al Rajhi Bank’s net profit is expected to rise 8 percent year-on-year (YoY) to SAR 2.2 billion.
Alinma Bank is seen posting the biggest profit jump of 46 percent YoY to SAR 456 million in Q3.
Bank Albilad is likely to report a net profit of SAR 275 million, up 21 percent YoY, the brokerage said.
Alawwal Bank is projected to register a 17 percent YoY increase.
Meanwhile, Samba Financial Group’s profit will likely decline 7 percent YoY to SAR 1.3 billion.
|
Riyad Capital Q3 Forecasts for Saudi Banks (SAR mln) |
||
|
Company |
Estimates |
YoY Variation |
|
Alawwal |
309 |
+17% |
|
BSF |
1,006 |
-- |
|
SABB |
1,071 |
+8% |
|
ANB |
798 |
+10% |
|
Samba |
1,253 |
(7%) |
|
Al Rajhi |
2,177 |
+8% |
|
Albilad |
275 |
+21% |
|
Alinma |
456 |
+46% |
|
Riyad Capital Recommendations on Saudi Banks |
||||
|
Bank |
Recommendation |
Target price (SAR/share) |
||
|
Previous |
New |
Previous |
New |
|
|
Alawwal |
Neutral |
Neutral |
14.00 |
14.00 |
|
BSF |
Buy |
Buy |
35.00 |
35.00 |
|
SABB |
Neutral |
Neutral |
29.00 |
29.00 |
|
ANB |
Buy |
Buy |
27.00 |
27.00 |
|
Samba |
Neutral |
Neutral |
29.00 |
29.00 |
|
Al Rajhi |
Neutral |
Neutral |
69.00 |
69.00 |
|
Albilad |
Neutral |
Neutral |
19.00 |
19.00 |
|
Alinma |
Neutral |
Neutral |
14.00 |
14.00 |
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