reports
- MarketLine Department
Bank Albilad - Strategy, SWOT and Corporate Finance Report
Summary Bank Albilad - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Bank Albilad is a provider of retail, corporate, and Islamic banking products and related financial services. Its offerings consist of accounts and deposits such as current and saving accounts; l...
- MarketLine Department
Saudi National Bank - Strategy, SWOT and Corporate Finance Report
Summary Saudi National Bank - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Saudi National Bank (SNB), formerly The National Commercial Bank, provides a range of conventional and Shariah-compliant personal, business, and private banking solutions to individuals, c...
- MarketLine Department
Arab National Bank - Strategy, SWOT and Corporate Finance Report
Summary Arab National Bank - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Arab National Bank (ANB) provides a range of retail and wholesale banking solutions. It offers savings and current accounts, overdrafts, deposit services, personal and home loans, credit an...
- MarketLine Department
Banque Saudi Fransi - Strategy, SWOT and Corporate Finance Report
Summary Banque Saudi Fransi - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Banque Saudi Fransi (Banque Saudi) is a provider of retail and corporate banking, and wealth management solutions. It offers a wide range of products such as savings accounts, current acco...
- Nauman Khan
Al Rajhi Bank: Q2 23 Company Update | Slow NIMs trajectory and moderat...
We maintain our Neutral rating on AlRajhi with a PT of SAR79.9. We expect the loan growth to slowdown in 2023f on the back of a deceleration in mortgage loans. Furthermore, the bank’s tight liquidity position along with retail focused loan book would keep margins under pressure. Hence, we have revised down our earnings estimates by c3.6% for 2023-2024f. We expect the bank to deliver a 3-year earnings (2022-2025f) CAGR of 15.9%, translating into an average ROE (after Tier I) of 21.7%. The stoc...
- Nauman Khan
Earnings call summary: BSFR Q4 22
Overview of Q4 22 results * BSFR reported a net income of SAR903mn, down 9.1% yoy (-6.1% qoq). * Net interest income increased by 27% yoy to SAR1.78bn. Non-interest income increased by 50% yoy to SAR464mn. * BSFR’s loan book expanded 7.6% yoy (+0.3% qoq) to SAR159bn. * Deposits grew 11.0% yoy (-0.1% qoq) to SAR158bn. * The bank’s L/D ratio improved yoy, but reduced qoq to 100.9% (Q4 21: 104.1%, Q3 22: 100.4%). Financing * BSFR’s loan book expanded by 7.6% yoy (+0.3%...
- Nauman Khan
Albilad: Q4 22 results analysis | Loan book qoq contraction is a key c...
Bank Albilad reported a net income of SAR540mn (+26.1% yoy, -0.2% qoq). This is in-line with the SNB Capital and consensus estimates of SAR549mn, SAR536mn, respectively. Total operating income increased by 17.7% yoy (+1.7% qoq) to SAR1.35bn and was marginally higher than our estimates. However, the impact was offset by higher than expected operating expense. Provisioning expense stood at SAR139mn (+14.3% yoy, +5.0% qoq), but was in-line with our estimates. Loan book grew by 9.9% yoy, but decl...
- Nauman Khan
Alinma: Higher provisioning impacted profitability
Alinma reported a weak set of results in Q4 22. Net income increased by 38.9% yoy (-13.0% qoq) to SAR860mn but it was lower than the SNB Capital and consensus estimates of SAR1.01bn and SAR1.03bn, respectively. The deviation was due to higher cost of funds and increased provisioning expense. Strong loan growth was the key positive of the results, which increased by 16.0% yoy (+4.6% qoq) to SAR146bn and was higher than our estimates. The bank’s liquidity has also improved, with LDR ratio decli...
- Nauman Khan
Al Rajhi Bank: Cost of funds impacted profitability
Although AlRajhi Bank reported an in-line set of Q4 22 results, we believe the underlying result trends indicate weakness. Net income grew by 9.8% yoy (+1.1% qoq) to SAR4.41bn (+1.1% qoq) and was is in-line with the SNB Capital and consensus estimates of SAR3.43bn and SAR4.39bn, respectively. However, the significant increase in cost of funds and cost to income ratio are the key highlights. Loan book increased by 25.5% yoy (+1.9% qoq) to SAR568bn, but lagged our estimates of SAR580bn. * Tota...
- Nauman Khan
Al Rajhi Q3 22 earnings call notes
Overview of Q3 22 results * AlRajhi reported an in-line set of Q3 22 results, with net income increasing by 14.8% yoy (+2.3% qoq) to SAR4.35bn. * The growth in net income was primarily driven by higher net special commission income (+9.1% yoy and +2.2% qoq) and supported by a decline in cost-to-income ratio to 25.8% in Q3 22 vs 26.7% in Q3 21. * Adjusted for Tier 1, net profit stood at SAR4.32bn, up 13.7% yoy (+2.9% qoq). * NIMs declined c56bps to 3.1% in Q3 22, in-line with ...
- Nauman Khan
Banque Saudi Fransi: Broadly in line results despite higher provisions
BSFR reported a net income of SAR961mn, up 6.0% yoy (+14.8% qoq). This is broadly in-line with the SNB Capital and consensus estimates of SAR912mn and SAR915mn, respectively. The growth in the net income is attributed to higher NSCI, which increased by 15.6% yoy (+13.6% qoq) to SAR1.64bn. However, it was in-line with our estimates of SAR1.61bn. It was partially offset by higher provisioning expense, which increased by 38.4% yoy (+25.4% qoq) to SAR400mn. The earning deviation was primarily on ...
- Nauman Khan
Alinma: Q3 22 review – Strong loan growth a key positive of results
Alinma reported an in-line set of results, with net income of SAR989mn, up 34.0% yoy (+6.9% qoq). This is in-line with the SNB Capital and consensus estimate of SAR988mn and SAR952mn, respectively. The yoy improvement is largely due to strong growth in revenue (+20.5% yoy, +7.4% qoq), supported by growth in both NSCI and, Fee and other income. Key positive of the result was strong +6.7% qoq growth in the loan book the 2nd highest in sector after AlRajhi. Net income adjusted for Tier 1 Sukuk w...
- Nauman Khan
Albilad: Strong earnings but in-line with expectations
Bank Albilad reported an in-line set of Q3 22 results, with net income increasing by 20.2% yoy (+5.8% qoq) to SAR541mn. This is in-line with the SNB Capital and consensus estimates of SAR533mn and SAR527mn, respectively. The growth in net income was primarily due to higher NSCI, which grew by 13.2% yoy (+4.9% qoq). Loan book remained strong (+12.8% yoy, +1.2% qoq), which we believe is the key highlight of the result. * Revenues increased by 12.9% yoy (5.8% qoq) to SAR1.33bn and were in-line ...
- Nauman Khan
Al Rajhi Bank: Q3 22 Results Analysis | Strong loan book growth drives...
AlRajhi reported an in-line set of Q3 22 results, with net income increasing by 14.8% yoy (+2.3% qoq) to SAR4.35bn. This compares with the SNB Capital and consensus estimates of SAR4.38bn and SAR4.39bn, respectively. The growth in net income was primarily driven by higher net special commission income (+9.1% yoy and +2.2% qoq) and supported by a decline in cost-to-income ratio to 25.8% in Q3 22 vs 26.7% in Q3 21. Adjusted for Tier 1, net profit stood at SAR4.32bn, up 13.7% yoy (+2.9% qoq). Th...
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