Recent Research

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  FIRST LOOK NOTES

  23 Apr 2025

  Riyad Bank

  BUY

  Last Closing Price

  SAR 30.95

  Target Price

  SAR 36.00

  Upside (%)

  +16.32%

  Saudi Equity Research - Riyad Bank (RIBL) 1Q25 - First Look Note

  Net Loans and advances grew 19.8% YOY and 5.9% QOQ to SAR 339 Bn in 1Q25. Riyad Bank customer deposits increased 12.2% YOY and declined 0.8% QOQ in 1Q25 to SAR 304.1 Bn.

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• 

  FIRST LOOK NOTES

  06 Mar 2025

  Riyad Bank

  BUY

  Last Closing Price

  SAR 30.00

  Target Price

  SAR 36.00

  Upside (%)

  +20.00%

  Saudi Equity Research - Riyad Bank (RIBL) 4Q24 - First Look Note

  The Bank’s witnessed robust growth in Corporate and Retail sectors, driving the net income in FY2024 with a healthy demand from corporates and SME’s. Net Loans and advances grew 16.7% YOY and 4.8% QOQ to SAR 320.1 Bn in 4Q24.

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• 

  FIRST LOOK NOTES

  29 Oct 2024

  Riyad Bank

  BUY

  Last Closing Price

  SAR 25.80

  Target Price

  SAR 36.00

  Upside (%)

  +39.53%

  Saudi Equity Research - Riyad Bank (RIBL) 3Q24 - First Look Note

  Total assets rose 12.0% YTD to SAR 433.4 Bn in 3Q24 driven by 11.3% growth in advances and 13.8% expansion in investments. Loan & advances expanded 14.3% YOY and 4.9% QOQ to SAR 305.4 Bn in 3Q24. Customer’s deposits expanded 15.3% YOY and 6.4% QOQ to SAR 293.6 Bn in 3Q24.

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  FIRST LOOK NOTES

  11 Oct 2024

  Riyad Bank

  BUY

  Last Closing Price

  SAR 25.15

  Target Price

  SAR 36.00

  Upside (%)

  +43.14%

  Higher fee income and lower impairment charges boosted profitability

  RIBL revised its cost of risk guidance from 65 – 75 bps to 55 – 65 bps and loan growth guidance to double-digit in FY2024.

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  FIRST LOOK NOTES

  16 May 2024

  Riyad Bank

  BUY

  Last Closing Price

  SAR 26.25

  Target Price

  SAR 36.00

  Upside (%)

  +37.14%

  Higher fee income and lower provisions aided profitability

  Riyad Bank's net advances rose 12.3% YOY and 3.1% QOQ to SAR 282.8 Bn in 1Q24 attributed to healthy credit demand primarily from corporate and SMEs owing to a healthy economic environment.

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• 

  FIRST LOOK NOTES

  29 Feb 2024

  Riyad Bank

  BUY

  Last Closing Price

  SAR 31.35

  Target Price

  SAR 36.00

  Upside (%)

  +14.83%

  A decline in non-funded income coupled with higher opex and impairments impacted the bottom-line

  RIBL’s net advances rose 13.2% to SAR 274.4 Bn in 2023 while customer deposits recorded a 6.2% YOY to SAR 254.9 Bn in 2023. RIBL’s headline loan to deposits ratio rose from 104.9% in 3Q23 to 107.6% in 4Q23 pressurizing liquidity.

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