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
The Saudi Investment Bank - Strategy, SWOT and Corporate Finance Repor...
Summary The Saudi Investment 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 The Saudi Investment Bank (SAIB) is a provider of conventional and Shariah-compliant wholesale, retail, and commercial banking solutions. It offers a range of accounts including curr...
- 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
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
Bank AlJazira: Q4 22 results analysis – Strong results due to lower pr...
BJAZ reported a strong set of results with a net income of SAR244mn (+6.5% yoy, +4.7% qoq). Higher than the SNB Capital estimates of SAR201mn but in-line with the consensus estimate of SAR239mn. The total operating income of SAR was in-line with our estimate SAR821mn (-8.3% yoy) was in-line with our estimates. The deviation was due to lower operating and provisioning costs. The key positives of the result are healthy loan growth of 13.1% yoy (+4.3% qoq) to SAR70.6bn, which was higher than our...
- 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
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
Bank AlJazira: Results miss estimates on higher opex
BJAZ reported a weak set of Q3 22 earnings. Net profit increased by 13.8% yoy (-9.7% qoq) to SAR SAR233mn (up 13.8% yoy, down 9.7% qoq), it was significantly lower than the SNB Capital and consensus estimates of SAR281mn and SAR288mn, respectively. The drag on the earnings came from higher operating expense (ex-provisioning), which increased by 15.3% yoy (+6.1% qoq) to SAR503mn and was much higher than our estimate of SAR434mn. Adjusting for Tier 1 sukuk, net income stood at SAR230mn in Q3 22...
- 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
Alinma: Q3 22 update – Rising interest rates to support profitability
We downgrade Alinma to Neutral with a revised PT of SAR38.2. We believe the bank is well positioned to benefit from the hawkish interest rate environment given its corporate tilt. Additionally, the bank’s new strategy to grow the retail segment (HNWI), capitalizing on the corporate segment’s capabilities and advantageous cost structure, is expected to support growth. Accordingly, we expect earnings to record a 2021-2024f CAGR of c28.1%. However, the stock rallied by c56% since our last update...
- Nauman Khan
Alinma: Q3 22 Update – Rising interest rates to support profitability
We downgrade Alinma to Neutral with a revised PT of SAR38.2. We believe the bank is well positioned to benefit from the hawkish interest rate environment given its corporate tilt. Additionally, the bank’s new strategy to grow the retail segment (HNWI), capitalizing on the corporate segment’s capabilities and advantageous cost structure, is expected to support growth. Accordingly, we expect earnings to record a 2021-2024f CAGR of c28.1%. However, the stock rallied by c56% since our last update...
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