Recent Research

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  FIRST LOOK NOTES

  23 Apr 2026

  Al Rajhi Bank

  ACCUMULATE

  Last Closing Price

  SAR 68.55

  Target Price

  SAR 78.00

  Upside (%)

  +13.79%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 1Q26 - First Look Note

  Net advances grew 4.3% YOY and 0.1% QOQ to SAR 753.7 Bn in 1Q26, driven by balanced expansion across retail and non-retail segments. The Bank’s Board recommended a cash dividend of SAR 7.0 Bn for 2H25, translating into a dividend of SAR 1.75 per share.

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• 

  FIRST LOOK NOTES

  30 Jan 2026

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 107.20

  Target Price

  SAR 110.00

  Upside (%)

  +2.61%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 4Q25 - First Look Note

  Net advances grew 8.6% YOY and declined 0.4% QOQ to SAR 752.8 Bn in 4Q25, driven by balanced expansion across retail and non-retail segments. ALRAJHI’s asset quality remained robust, with a stable NPL ratio of 0.75% and a strong provision coverage ratio of 152.5% in 4Q25.

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• 

  FIRST LOOK NOTES

  23 Oct 2025

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 107.80

  Target Price

  SAR 110.00

  Upside (%)

  +2.04%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 3Q25 - First Look Note

  Non-funded income rose 26.7% YOY to SAR 2,588 Mn in 3Q25, driven by an increase in income exchange income, fees from banking services, and other operating income. Net advances grew 16.5% YOY and 1.9% QOQ to SAR 756.0 Bn in 3Q25, driven by a strong expansion in mortgage credit, consumer financing and corporate financing portfolio.

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• 

  FIRST LOOK NOTES

  22 Jul 2025

  Al Rajhi Bank

  ACCUMULATE

  Last Closing Price

  SAR 95.00

  Target Price

  SAR 105.00

  Upside (%)

  +10.53%

  Al Rajhi Bank (RJHI)- 2Q25 First Look Note

  Funded income grew 21.4% YOY to SAR 13,647 Mn in 2Q25, due to growth in gross financing and investment return. Non-funded income rose 29.1% YOY to SAR 2,298 Mn in 2Q25, driven by an increase in fees from banking services, other operating income and exchange income.

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• 

  FIRST LOOK NOTES

  30 Apr 2025

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 98.50

  Target Price

  SAR 105.00

  Upside (%)

  +6.60%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 1Q25 - First Look Note

  Funded income grew faster than funded expense on a YOY basis, leading to NIMs expansion of 8 bps YOY in 1Q25. Non-funded income rose 32.9% YOY to SAR 2.1 Bn in 1Q25 attributed to strong growth in fees, exchange and other operating income.

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• 

  FIRST LOOK NOTES

  11 Feb 2025

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 99.60

  Target Price

  SAR 103.00

  Upside (%)

  +3.41%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 4Q24 - First Look Note

  NIMs expanded 21 bps YOY and 7 bps QOQ to 3.1% in 4Q24 despite a decline in the interest rates. Cost-to-income ratio improved to 23.4% in 4Q24 compared to 28.3% in 4Q23 and 24.5% in 3Q24 owing to cost efficiencies measures.

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