Recent Research

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  FIRST LOOK NOTES

  23 Oct 2026

  Bank Albilad

  BUY

  Last Closing Price

  SAR 20.30

  Target Price

  SAR 30.00

  Upside (%)

  +47.78%

  Saudi Equity Research - Bank Albilad (ALBI) 3Q26 - First Look Note

  Net advances increased 11.4% YOY but declined 0.5% QOQ to SAR 132.8 Bn in 3Q26, while customer deposits grew 12.7% YOY but declined 1.2% QOQ to SAR 145.4 Bn in 3Q26. ALBI’s loan-to-deposit ratio increased from 90.6% in 2Q26 to 91.3% in 3Q26.

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  FIRST LOOK NOTES

  21 Jul 2026

  Bank Albilad

  BUY

  Last Closing Price

  SAR 24.49

  Target Price

  SAR 30.00

  Upside (%)

  +22.50%

  Saudi Equity Research - Bank Albilad (ALBI) 2Q26 - First Look Note

  Albilad Bank’s (“ALBI”, “The Bank”) net profit increased by 3.4% YOY to SAR 792 Mn in 2Q26, in line with our estimate of SAR 800 Mn. The growth in net profit is mainly attributable to the higher net funded income, driven by rise in investment and financing activities, partially offset by decline in non-funded income, along with higher G&A expenses, impairment charges and zakat expenses.

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• 

  FIRST LOOK NOTES

  27 Apr 2026

  Bank Albilad

  BUY

  Last Closing Price

  SAR 25.00

  Target Price

  SAR 30.00

  Upside (%)

  +20.00%

  Saudi Equity Research - Bank Albilad (ALBI) 1Q26 - First Look Note

  Net advances increased 15.5% YOY and 6.2% QOQ to SAR 129.8 Bn in 1Q26. While customer deposits grew 13.1% YOY and 5.6% QOQ to SAR 140.3 Bn in 1Q26. ALBI’s headline loan-to-deposit ratio increased from 92.0% in 4Q25 to 92.5% in 1Q26.

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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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