Recent Research

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  EARNINGS CALL INSIGHT

  31 Jul 2026

  Al Rajhi Bank

  BUY

  Last Closing Price

  SAR 62.55

  Target Price

  SAR 78.00

  Upside (%)

  +24.70%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 2Q26 - Earnings Call Insight

  Al Rajhi Bank (RJHI/the Bank) reported 14.0% YOY increase in net profit to SAR 7,012 Mn in 2Q26, supported by double-digit growth in net funded income and non-funded income coupled with decline in zakat charges partially offset by an increase in total operating expenses, higher impairments and higher share of profit to NCI holders.

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  FIRST LOOK NOTES

  23 Jul 2026

  Al Rajhi Bank

  BUY

  Last Closing Price

  SAR 64.25

  Target Price

  SAR 78.00

  Upside (%)

  +21.40%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 2Q26 - First Look Note

  Al Rajhi Bank’s (“ALRAJHI”, “The Bank”) net profit attributable to equity shareholders grew 14.0% YOY to SAR 7,012 Mn in 2Q26, in line with our estimate of SAR 6,876 Mn. The growth is primarily driven by double-digit growth in net funded income and non-funded income coupled with decline in zakat charges partially offset by an increase in total operating expenses, higher impairments and higher share of profit to NCI holders.

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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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