Recent Research

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  FIRST LOOK NOTES

  30 Apr 2025

  Bank Albilad

  HOLD

  Last Closing Price

  SAR 29.00

  Target Price

  SAR 38.00

  Upside (%)

  +31.03%

  Saudi Equity Research - Bank Albilad (ALBI) 1Q25 - First Look Note

  ALBL’s loan-to-deposit ratio increased from 89.8% in 4Q24 to 90.7% in 1Q25. The Bank’s net funded income rose 11.2% YOY to SAR 1,162 Mn in 1Q25. The Bank’s investment portfolio boosted 14.7% YOY and 5.4% QOQ to SAR 26.4 Bn in 1Q25.

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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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