Recent Research

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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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  FIRST LOOK NOTES

  12 Nov 2024

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 94.40

  Target Price

  SAR 95.00

  Upside (%)

  +0.64%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 3Q24 - First Look Note

  NIMs improved 17 bps YOY and 13 bps QOQ to 3.17% in 3Q24 and revised 2024 NIMs growth forecast to 10-20 bps. Net advances grew 9.9% YOY to SAR 649.0 Bn in 3Q24, driven by an increase in retail, corporate and SME financing.

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  FIRST LOOK NOTES

  11 Oct 2024

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 83.80

  Target Price

  SAR 90.00

  Upside (%)

  +7.40%

  Healthy asset quality and growth in lending supported profitability

  Al Rajhi’s net advances grew 7.4% YOY and 2.1% QOQ to SAR 622 Bn in 2Q24, driven by increased corporate and SME financing in 2Q24.

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  FIRST LOOK NOTES

  07 May 2024

  Al Rajhi Bank

  ACCUMULATE

  Last Closing Price

  SAR 80.10

  Target Price

  SAR 90.00

  Upside (%)

  +12.36%

  Healthy advances growth and solid asset quality maintain healthy growth in profitability

  Al Rajhi witnessed a healthy loan growth of 5.5% YOY and 2.5% QOQ to SAR 609 Bn in 1Q24.Deposits rose 8.6% YOY and 5.4% QOQ to SAR 604 Bn in 1Q24. Thus, the headline loan-to-deposit ratio declined to 100.8% in 1Q24 from 103.7% in 4Q23.

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  FIRST LOOK NOTES

  19 Feb 2024

  Al Rajhi Bank

  HOLD

  Last Closing Price

  SAR 89.50

  Target Price

  SAR 90.00

  Upside (%)

  +0.56%

  Decline in non-funded income and a rise in impairments dragged the bottom line

  Al Rajhi Bank’s (“ALRAJHI”, “The Bank”) net profit declined 5.3% YOY to SAR 4,171 Mn in 4Q23, in line with our estimate of SAR 4,256 Mn. The decline in net profit is attributable to a fall in non-funded income and a rise in impairments partially offset by a marginal decline in operating expenses and lower zakat charges.

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