Recent Research

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  FIRST LOOK NOTES

  23 Feb 2026

  Bank Albilad

  BUY

  Last Closing Price

  SAR 25.60

  Target Price

  SAR 31.70

  Upside (%)

  +23.83%

  Saudi Equity Research - Bank Albilad (ALBI) 4Q25 - First Look Note

  ALBI’s loan-to-deposit ratio declined from 92.3% in 3Q25 to 92.0% in 4Q25. Funded income increased 8.7% YOY to SAR 2,381 Mn in 4Q25, supported by rise in net advances and investments, partially offset by a decline in asset yield.

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  FIRST LOOK NOTES

  28 Oct 2025

  Bank Albilad

  BUY

  Last Closing Price

  SAR 29.28

  Target Price

  SAR 31.70

  Upside (%)

  +8.27%

  Saudi Equity Research - Bank Albilad (ALBI) 3Q25 - First Look Note

  ALBI’s loan-to-deposit ratio decreased from 93.4% in 2Q25 to 92.3% in 3Q25. Net funded income rose 3.0% YOY to SAR 1,195 Mn in 3Q25, due to a rise in income from investing and financing assets. Cost-to-income rose 5 bps YOY and 76 bps QOQ to 42.2% in 3Q25.

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  FIRST LOOK NOTES

  23 Jul 2025

  Bank Albilad

  BUY

  Last Closing Price

  SAR 25.62

  Target Price

  SAR 31.70

  Upside (%)

  +23.73%

  Bank Albilad (ALBI) - 2Q25 First Look Note

  ALBI’s loan-to-deposit ratio increased from 90.7 in 1Q25 to 93.4% in 2Q25. Net funded income rose 8.5% YOY to SAR 1,177 Mn in 2Q25.

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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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