Recent Research

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  FIRST LOOK NOTES

  23 Jul 2026

  Alinma Bank

  BUY

  Last Closing Price

  SAR 23.80

  Target Price

  SAR 29.50

  Upside (%)

  +23.95%

  Saudi Equity Research - Alinma Bank 2Q26 - First Look Note

  Alinma Bank (ALINMA/ The Bank) reported a 1.4% YOY increase in net profit to SAR 1,595 Mn in 2Q26, lower than our estimate of SAR 1,700 Mn. The increase in net profit was primarily driven by higher net funded income, partially offset by lower non-funded income, increased operating expenses, and higher impairment and zakat charges.

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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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