Recent Research

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  FIRST LOOK NOTES

  21 Jul 2026

  Arab National Bank

  BUY

  Last Closing Price

  SAR 21.73

  Target Price

  SAR 25.00

  Upside (%)

  +15.05%

  Saudi Equity Research - Arab National Bank (ARNB) 2Q26 - First Look Note

  Arab National Bank (“ARNB”, “The Bank”) recorded a 6.5% YOY increase in net profit to SAR 1,423 Mn in 2Q26, higher than our estimate of SAR 1,338 Mn. The increase in net profit is primarily driven by rise in non-funded income, net funded income, coupled with a decline in net allowance charges for ECL and other provisions. This was partially offset by higher operating expenses.

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  FIRST LOOK NOTES

  24 Apr 2026

  Arab National Bank

  BUY

  Last Closing Price

  SAR 22.08

  Target Price

  SAR 25.00

  Upside (%)

  +13.22%

  Saudi Equity Research - Arab National Bank (ARNB) 1Q26 - First Look Note

  ARNB’s funded income grew 12.1% YOY to SAR 3,983 Mn in 1Q26, supported by a 10.9% YOY increase in net loans and advances and a 16.4% YOY expansion in the investment portfolio.

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  FIRST LOOK NOTES

  13 Feb 2026

  Arab National Bank

  BUY

  Last Closing Price

  SAR 20.76

  Target Price

  SAR 25.00

  Upside (%)

  +20.42%

  Saudi Equity Research - Arab National Bank (ARNB) 4Q25 - First Look Note

  ARNB’s funded income grew 6.7% YOY to SAR 3,830 Mn in 4Q25, owing to 15.2% YOY rise in net advances, and 13.3% YOY growth in the investment portfolio. Customer deposits rose 14.9% YOY and declined 0.7% QOQ to SAR 209.3 Bn in 4Q25, with CASA of 49%.

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  FIRST LOOK NOTES

  27 Oct 2025

  Arab National Bank

  HOLD

  Last Closing Price

  SAR 24.20

  Target Price

  SAR 25.00

  Upside (%)

  +3.31%

  Saudi Equity Research - Arab National Bank (ARNB) 3Q25 - First Look Note

  ARNB’s funded income grew 3.5% YOY to SAR 3,905 Mn, owing to 15.0% YOY rise in net advances, and 13.4% YOY growth in the investment portfolio. Customer deposits rose 16.5% YOY and 4.4% QOQ to SAR 210.7 Bn in 3Q25.

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  FIRST LOOK NOTES

  24 Jul 2025

  Arab National Bank

  BUY

  Last Closing Price

  SAR 21.29

  Target Price

  SAR 25.00

  Upside (%)

  +17.43%

  Arab National Bank (ARNB)- 2Q25 First Look Note

  ARNB’s funded income grew 9.8% YOY to SAR 3,901 Mn, owing to 15.4% YOY rise in net advances, and 11.1% YOY growth in the investment portfolio. Net loans and advances grew 15.4% YOY and 4.1% QOQ to SAR 186.5 Bn in 2Q25, whereas the customer deposits also rose by 14.9% YOY and 3.1% QOQ to SAR 201.7 Bn

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  FIRST LOOK NOTES

  30 Apr 2025

  Arab National Bank

  BUY

  Last Closing Price

  SAR 21.58

  Target Price

  SAR 25.00

  Upside (%)

  +15.85%

  Saudi Equity Research - Arab National Bank (ARNB) 1Q25 - First Look Note

  ARNB’s funded income grew 2.3% YOY to SAR 3,569 Mn in 1Q25 due to rise in advances and investment portfolio. Cost-to-income ratio remained steady at 31.6% in 1Q25 compared to 1Q24. Impairment expenses rose 26.5% YOY to SAR 205 Mn in 1Q25 in line with portfolio growth and impending macroeconomic environment.

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