Recent Research

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  FIRST LOOK NOTES

  30 Apr 2026

  Alinma Bank

  BUY

  Last Closing Price

  SAR 24.68

  Target Price

  SAR 29.50

  Upside (%)

  +19.53%

  Saudi Equity Research - Alinma Bank 1Q26 - First Look Note

  Net advances rose 13.8% YOY and 3.7% QOQ to SAR 238.3 Bn, while customer deposits increased 9.5% YOY and 5.4% QOQ to SAR 239.6 Bn in 1Q26. Impairment decreased 31.2% YOY to SAR 156 Mn in 1Q26, driven by better asset quality and recoveries from written-off accounts.

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  FIRST LOOK NOTES

  10 Feb 2026

  Alinma Bank

  BUY

  Last Closing Price

  SAR 28.60

  Target Price

  SAR 33.00

  Upside (%)

  +15.38%

  Saudi Equity Research - Alinma Bank 4Q25 - First Look Note

  Net advances rose 13.6% YOY to SAR 229.7 Bn in 4Q25 and are expected to grow in low-teens in 2026, driven by mid-corporate, SME, and retail growth. Board approved a buyback of up to 5 Mn shares for the Employee Stock Incentive Plan.

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• 

  FIRST LOOK NOTES

  24 Oct 2025

  Alinma Bank

  BUY

  Last Closing Price

  SAR 26.48

  Target Price

  SAR 33.00

  Upside (%)

  +24.62%

  Saudi Equity Research - Alinma Bank 3Q25 - First Look Note

  The Bank’s net advances rose 15.2% YOY and 3.2% QOQ, while the deposits increased 12.2% YOY and 2.0% QOQ during 3Q25. The calculated loan-to-deposit ratio increased to 96.2% in 3Q25, compared to 95.1% in 2Q25.

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  FIRST LOOK NOTES

  08 Aug 2025

  Alinma Bank

  BUY

  Last Closing Price

  SAR 26.14

  Target Price

  SAR 37.00

  Upside (%)

  +41.55%

  Saudi Equity Research - Alinma Bank 2Q25 - First Look Note

  The Bank’s net advances increased 15.1% YOY and 4.4% QOQ to SAR 218.6 Bn in 2Q25, while the customer deposits expanded 12.0% YOY and 5.1% QOQ to SAR 229.9 Bn in 2Q25. Loan-to-deposit ratio increased 259 bps YOY and declined 64 bps QOQ to 95.1% in 2Q25.

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  FIRST LOOK NOTES

  01 May 2025

  Alinma Bank

  BUY

  Last Closing Price

  SAR 28.75

  Target Price

  SAR 37.00

  Upside (%)

  +28.70%

  Saudi Equity Research - Alinma Bank 1Q25 - First Look Note

  Net advances grew 15.9% YOY and 3.5% QOQ to SAR 209.4 Bn in 1Q25. Impairment charges fell 14.4% YOY to SAR 226 Mn in 1Q25, driven by the introduction of better-quality new assets.

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  FIRST LOOK NOTES

  20 Feb 2025

  Alinma Bank

  BUY

  Last Closing Price

  SAR 30.70

  Target Price

  SAR 37.00

  Upside (%)

  +20.52%

  Saudi Equity Research - Alinma Bank 4Q24 - First Look Note

  Net advances grew 16.5% YOY and 3.3% QOQ to SAR 202.3 Bn in 4Q24; expects advances to grow by mid-teens in FY2025. Customer deposits rose 12.1% YOY and 0.7% QOQ to SAR 210.5 Bn in 4Q24 driven by solid growth in CASA.

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