Recent Research

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  FIRST LOOK NOTES

  07 Nov 2024

  Alinma Bank

  BUY

  Last Closing Price

  SAR 28.30

  Target Price

  SAR 37.00

  Upside (%)

  +30.74%

  Saudi Equity Research - Alinma Bank 3Q24 - First Look Note

  Net advances grew 15.9% YOY and 3.2% QOQ to SAR 195.9 Bn in 3Q24, whereas Customer deposits grew 16.0% YOY and 1.8% QOQ to SAR 209.1 Bn in 3Q24. Asset quality remained stable as the NPL ratio stood unchanged at 0.8% in 3Q24 compared to 2Q24.

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  FIRST LOOK NOTES

  11 Oct 2024

  Alinma Bank

  BUY

  Last Closing Price

  SAR 31.50

  Target Price

  SAR 37.00

  Upside (%)

  +17.46%

  Strong growth in funded income due to improved margins drove profitability

  Net advances grew 17.4% YOY and 5.1% QOQ to SAR 189.9 Bn in 2Q24, whereas Customer deposits grew 15.5% YOY and 8.7% QOQ to SAR 205.4 Bn in 2Q24.

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  FIRST LOOK NOTES

  07 May 2024

  Alinma Bank

  ACCUMULATE

  Last Closing Price

  SAR 32.45

  Target Price

  SAR 37.00

  Upside (%)

  +14.02%

  Strong non-core income and lower impairments supported profitability

  Alinma Bank (ALINMA/ The Bank) reported a 35.6% YOY growth in net profit to SAR 1,315 Mn in 1Q24, in line with our estimate of SAR 1,335 Mn.

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  FIRST LOOK NOTES

  29 Feb 2024

  Alinma Bank

  HOLD

  Last Closing Price

  SAR 43.95

  Target Price

  SAR 43.00

  Upside (%)

  -2.16%

  Strong loan growth and healthy asset quality supported profitability

  Alinma Bank (ALINMA/ The Bank) reported a 53.5% YOY growth in net profit to SAR 1,320 Mn in 4Q23, in line with our estimate of SAR 1,340 Mn.

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  FIRST LOOK NOTES

  15 Nov 2023

  Alinma Bank

  HOLD

  Last Closing Price

  SAR 35.85

  Target Price

  SAR 38.00

  Upside (%)

  +6.00%

  Strong asset quality and rising low-cost deposits boosted profitability

  Alinma Bank (ALINMA/ The Bank) reported a 33.9% YOY increase in net profit to SAR 1,324 Mn in 3Q23, in line with our estimate of SAR 1,290 Mn.

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• 

  FIRST LOOK NOTES

  09 Aug 2023

  Alinma Bank

  HOLD

  Last Closing Price

  SAR 35.45

  Target Price

  SAR 38.00

  Upside (%)

  +7.19%

  Robust growth in net advances and deposits bolstered the profitability

  Alinma Bank (ALINMA/ The Bank) reported 32.4% YOY increase in net profit to SAR 1,225 Mn in 2Q23, higher than our estimate of SAR 1,076 Mn. The rise in net profit is primarily driven by an increase in funded and non-funded income partially offset by an increase in operating expenses, impairment and zakat.

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