Banking sector Q3-2014’s profit 2% less than analysts’ estimates

Saudi listed banks reported a net profit of SAR 8200m for Q3-2014; 2% less than analysts’ estimates of SAR 8371m.
 

Four banks  showed a negative deviation from analysts’ estimates led by “Al-Jazira Bank” which deviated by 75% anf followed by “AlRajhi” at 12%, “Riyad Bank” and” Saudi Hollandi Bank” at 3% each. “Bank Al-Bilad” and “Banque Saudi Fransi” exceeded the estimates by 10% and 11% respectively.

The table below shows the comparison of banks results to the average analyst estimates for Q3 2014:
 

5 financial companies issued their Q3’s profits estimates: NCB Capital and Alistithmar Capital covering 10 banks, while Bakheet covered (9 banks), KSB Capital Group (4 banks) and AlBilad Capital which covered (1 bank).
 

“Al-Jazira Bank” and “Bank Al-Bilad” results are far from research firms estimates where the nearest result of “Al-Jazira Bank” is 74% higher than the actual results and “Bank Al-Bilad” nearest result is 9% less than the actual results.

The table below shows banks nearest estimates for Q3 2014:
 

The results of Saudi banking sector during Q1-2014 met the average of analysts’ estimates while Q2-2014 results were 4% higher than analysts’ estimates.