Bank Aljazira’s Q3 2019 net profit of SAR 257 million – the highest level since Q1 2012 - came in line with NCB Capital’s forecasts of SAR 269 million.

 

The year-on-year profit increase was attributed to a strong growth in earnings assets and fee income, NCB Capital said in a recent earnings note.

 

The third quarter revenue stood at SAR 750 million, matching the investment bank’s estimates.

 

“We believe the bank’s enhanced capitalization is a key driver that will allow it to aggressively expand its loan book,” NCB Capital added.

 

The report issuer assigned a “Neutral” rating to the stock, setting its target price at SAR 15.40.

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