Recent Research

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  FIRST LOOK NOTES

  28 Feb 2025

  Bank Albilad

  HOLD

  Last Closing Price

  SAR 37.90

  Target Price

  SAR 38.00

  Upside (%)

  +0.26%

  Saudi Equity Research - Bank Albilad (ALBI) 4Q24 - First Look Note

  NIMs grew 11 bps YOY but fell 14 bps QOQ to 3.0% in 4Q24. The Bank’s cost-to-income ratio improved 162 bps YOY to 44.3% in 4Q24. ALBI recorded an impairment reversal of SAR 58 Mn in 4Q24 compared to an impairment charge of SAR 47 Mn in 4Q23.

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• 

  FIRST LOOK NOTES

  31 Oct 2024

  Bank Albilad

  HOLD

  Last Closing Price

  SAR 36.65

  Target Price

  SAR 37.00

  Upside (%)

  +0.95%

  Saudi Equity Research - Bank Albilad (ALBI) 3Q24 - First Look Note

  ALBI’s net advances grew 5.0% YOY and 2.3% QOQ to SAR 106.7 Bn in 3Q24. Customer deposits grew 12.3% YOY and 6.8% QOQ to SAR 122.3 Bn in 3Q24. Loan-to-deposit ratio declined from 91.1% in 2Q24 to 87.2% in 3Q24. Cost to income improved 102 bps YOY, however increased 109 bps QOQ to 42.1% in 3Q24, primarily due to a decline in D&A and G&A expenses.

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• 

  FIRST LOOK NOTES

  11 Oct 2024

  Bank Albilad

  REDUCE

  Last Closing Price

  SAR 37.10

  Target Price

  SAR 34.00

  Upside (%)

  -8.36%

  Higher operating income and improved cost efficiency boosted profitability

  ALBI’s net advances grew 5.5% YOY and 1.0% QOQ to SAR 104.3Bn in 2Q24, owing to marginal growth in commercial financing while healthy growth in retail loans.

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• 

  FIRST LOOK NOTES

  09 May 2024

  Bank Albilad

  HOLD

  Last Closing Price

  SAR 35.35

  Target Price

  SAR 34.00

  Upside (%)

  -3.82%

  Lower operating expenses and improved loan quality boosted the bottom-line

  Albilad Bank’s (“ALBI”, “The Bank”) net profit grew 14.9% YOY to SAR 643 Mn in 1Q24, higher than our estimate of SAR 609 Mn.

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  FIRST LOOK NOTES

  06 Mar 2024

  Bank Albilad

  REDUCE

  Last Closing Price

  SAR 49.55

  Target Price

  SAR 44.00

  Upside (%)

  -11.20%

  Lower impairments and increased in lending supported profit

  Albilad Bank’s (“ALBI”, “The Bank”) net profit grew 12.5% YOY to SAR 607 Mn in 4Q23, lower than our estimate of SAR 638 Mn.

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• 

  FIRST LOOK NOTES

  30 Oct 2023

  Bank Albilad

  BUY

  Last Closing Price

  SAR 36.60

  Target Price

  SAR 43.00

  Upside (%)

  +17.49%

  Lower opex and provisions boosted profit

  Albilad Bank’s (“ALBI”, “The Bank”) net profit grew 14.0% YOY to SAR 616 Mn in 3Q23, higher than our estimate of SAR 589 Mn. The increase in the net profit is mainly attributable to the increase in net funded income coupled with a decline in impairments and operating expenses

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