Recent Research

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  EARNINGS CALL INSIGHT

  07 Aug 2026

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 40.86

  Target Price

  SAR 50.00

  Upside (%)

  +22.37%

  Saudi Equity Research - Saudi National Bank (SNB) 2Q26 - Earnings Call Insight

  Saudi National Bank reported a 1.6% YOY increase in funded income to SAR 15.4 Bn in 2Q26, primarily due to a 1.3% YOY increase in funded income from the financing portfolio coupled with a 2.8% YOY increase in funded income from the investment portfolio.

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  FIRST LOOK NOTES

  24 Jul 2026

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 39.56

  Target Price

  SAR 50.00

  Upside (%)

  +26.39%

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

  Saudi National Bank (“SNB”/ “The Bank”) posted growth in net profit attributable to equity shareholders of 7.6% YOY to SAR 6,606 Mn in 2Q26, higher than our estimate of SAR 6,215 Mn. The increase was mainly driven by higher net funded and non-funded income, partially offset by a marginal increase in operating expenses and an impairment charge of SAR 258 Mn in 2Q26 compared to a reversal of SAR 170 Mn in 2Q25.

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• 

  FIRST LOOK NOTES

  23 Apr 2026

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 40.52

  Target Price

  SAR 50.00

  Upside (%)

  +23.40%

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

  Net advances grew 3.7% YOY and marginally 0.5% QOQ to SAR 732.7 Bn in 1Q26, due to an increase in Retail financing. Customer deposits grew 6.2% YOY and 4.6% QOQ to SAR 665.5 Bn in 1Q26.

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  FIRST LOOK NOTES

  29 Jan 2026

  Saudi National Bank

  ACCUMULATE

  Last Closing Price

  SAR 45.00

  Target Price

  SAR 50.00

  Upside (%)

  +11.11%

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

  Net advances grew 11.5% YOY and 0.6% QOQ to SAR 729.3 Bn in 4Q25, due to the growth in wholesale financing and mortgages. Customer deposits grew 9.7% YOY and declined marginally 0.5% QOQ to SAR 636.1 Bn in 4Q25.

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  FIRST LOOK NOTES

  23 Oct 2025

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 39.02

  Target Price

  SAR 47.00

  Upside (%)

  +20.45%

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

  Net advances grew 10.6% YOY and 1.4% QOQ to SAR 725.1 Bn in 3Q25, primarily driven by growth in wholesale financing and mortgages. Non-funded income grew strongly 20.8% YOY to SAR 2,838 Mn in 3Q25.

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  FIRST LOOK NOTES

  22 Jul 2025

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 36.66

  Target Price

  SAR 47.00

  Upside (%)

  +28.21%

  Saudi National Bank (SNB)-2Q25 First Look Note

  Net advances grew 12.2% YOY and 1.2% QOQ to SAR 714.8 Bn in 2Q25, primarily driven by a 20% YOY growth in wholesale financing and 4% YOY rise in mortgage. Cost to income ratio decreased from 28.5% in 2Q24 to 26.9% in 2Q25, indicating enhanced operational efficiency.

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