Recent Research

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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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• 

  FIRST LOOK NOTES

  24 Apr 2025

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 35.70

  Target Price

  SAR 47.00

  Upside (%)

  +31.65%

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

  The Bank’s non-funded income grew strongly 16.4% YOY to SAR 2,361 Mn in 1Q25, primarily driven by an increase in domestic banking service fees and higher investment income. Net advances grew 13.0% YOY and 8.0% QOQ to SAR 706.4 Bn in 1Q25, owing to an increase in Wholesale and Retail financing portfolio.

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• 

  FIRST LOOK NOTES

  20 Feb 2025

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 35.00

  Target Price

  SAR 47.00

  Upside (%)

  +34.29%

  Saudi Equity Research - Saudi National Bank (SNB) 4Q24 - First Look Note

  Calculated NIMs fell 20 bps YOY and remained flat on a QOQ basis in 4Q24 at 2.7%. The Bank’s customer deposits fell 1.7% YOY and 8.6% QOQ to SAR 579.8 Bn during 4Q24 attributable to a decline in Time as well as CASA deposits. The Bank declared cash dividends of SAR 1.0 per share for 2H24, amounting to SAR 6,000 Mn.

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  FIRST LOOK NOTES

  29 Oct 2024

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 33.75

  Target Price

  SAR 47.00

  Upside (%)

  +39.26%

  Saudi Equity Research - Saudi National Bank (SNB) 3Q24 - First Look Note

  Net advances grew 10.0% YOY and 2.8% QOQ to SAR 655 Bn in 3Q24, owing to strong momentum across retail mortgages and wholesale financing. Customer deposits grew 1.5% YOY and 0.2% QOQ to SAR 634 Bn in 3Q24. Cost-to-income declined marginally from 29.3% in 3Q23 to 29.0% in 3Q24.

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• 

  FIRST LOOK NOTES

  11 Oct 2024

  Saudi National Bank

  BUY

  Last Closing Price

  SAR 35.05

  Target Price

  SAR 47.00

  Upside (%)

  +34.09%

  Healthy financing growth and stable margins supported profitability

  SNB’s reported NIMs remained stable at 3.1% in 2Q24 compared to 1Q24 despite high benchmark rates, reflecting SNB’s ability to deliver a solid performance amid peak interest rates.

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