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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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  • Saudi Flag
    FIRST LOOK NOTES
    10 May 2023
    Saudi National Bank
    BUY
    SAR 36.15
    SAR 50.55
    +39.83%

    Growth in interest-earning assets drove bottom line

    Saudi National Bank’s (“SNB/The Bank”) net profit rose 11.6% YOY to SAR 5,022 Mn in 1Q23 higher than our estimate of SAR 4,714 Mn. SNB’s net profit was mainly driven by an increase in net funded income partially offset by a fall in non-funded income and an increase in impairment charges.
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