Recent Research

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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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  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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