Recent Research

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  EARNINGS CALL INSIGHT

  02 Nov 2026

  Al Rajhi Bank

  BUY

  Last Closing Price

  SAR 59.75

  Target Price

  SAR 78.00

  Upside (%)

  +30.54%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 3Q26 - Earnings Call Insight

  Al Rajhi Bank (RJHI/the Bank) reported an 11.7% YOY increase in net profit to SAR 7,106 Mn in 3Q26, supported by double-digit growth in net funded income partially offset by a decline in non-funded income, higher operating expenses, impairment charges, share of profit to NCI holders and zakat expenses.

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  FIRST LOOK NOTES

  22 Oct 2026

  Al Rajhi Bank

  BUY

  Last Closing Price

  SAR 59.80

  Target Price

  SAR 78.00

  Upside (%)

  +30.43%

  Saudi Equity Research - Al Rajhi Bank (RJHI) 3Q26 - First Look Note

  Net advances grew 2.5% YOY and 1.7% QOQ to SAR 774.9 Bn in 3Q26, driven by growth in the non-retail book. During 3Q26, the Bank completed several securitization transactions, including SAR 5.0 Bn of mortgage loans and SAR 1.9 Bn of consumer loans.

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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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