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  • Saudi Flag
    FIRST LOOK NOTES
    22 Jul 2025
    Saudi National Bank
    BUY
    SAR 36.66
    SAR 47.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    24 Apr 2025
    Saudi National Bank
    BUY
    SAR 35.70
    SAR 47.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    20 Feb 2025
    Saudi National Bank
    BUY
    SAR 35.00
    SAR 47.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    29 Oct 2024
    Saudi National Bank
    BUY
    SAR 33.75
    SAR 47.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    11 Oct 2024
    Saudi National Bank
    BUY
    SAR 35.05
    SAR 47.00
    +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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  • Saudi Flag
    FIRST LOOK NOTES
    08 May 2024
    Saudi National Bank
    BUY
    SAR 36.15
    SAR 47.00
    +30.01%

    Strong deposit growth improved liquidity

    SNB’s net advances grew 10.4% YOY and 3.9% QOQ to SAR 625.2 Bn in 1Q24, while deposits rose 7.4% YOY and 11.2% QOQ to SAR 656.3 Bn.
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  • Saudi Flag
    FIRST LOOK NOTES
    21 Mar 2024
    Saudi National Bank
    BUY
    SAR 39.40
    SAR 47.00
    +19.29%

    Strong Loan growth and higher non-funded income supported profitability

    Saudi National Bank’s (“SNB”/ “The Bank”) recorded a 4.2% YOY growth in net profit to SAR 4,963 Mn in 4Q23, lower than our estimate of SAR 5,292 Mn.
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  • Saudi Flag
    FIRST LOOK NOTES
    15 Nov 2023
    Saudi National Bank
    BUY
    SAR 34.30
    SAR 47.00
    +37.03%

    Strong Loan growth and healthy credit quality boosted profit

    SNB lowered its NSCI margin guidance from 3.2%-3.3% to 3.0%-3.2% in 2023 .Net advances rose from SAR 578 Bn in 2Q23 to SAR 596 Bn in 3Q23, mainly driven by growth in wholesale and retail financing
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  • Saudi Flag
    FIRST LOOK NOTES
    17 Aug 2023
    Saudi National Bank
    BUY
    SAR 35.30
    SAR 47.00
    +33.14%

    Strong growth in non-funded income and sharp reduction in impairment charges boosted bottom-line

    SNB achieved 99% of revised targeted cost synergies in 2Q23 SNB revised down its NSCI margin guidance from 3.2%-3.3% to 3.0%3.2% in 2023.
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