Alawwal Bank’s net profit of SAR 309 million for the fourth quarter of 2018 exceeded Riyad Capital and consensus estimates of SAR 250 million and SAR 271 million, respectively.

 

The net income was driven by better-than-expected net special commission income (NSCI) and non-core income.

 

The bank's NSCI reached SAR 724 million, beating the brokerage's estimate of SAR 687 million, on the back of an increase in special commission income.

 

Operating expenses rose five percent year-on-year (YoY) to SAR 630 million, in-line with the brokerage's forecast of SAR 620 million.

 

Riyad Capital maintained a "neutral" rating on the stock, setting the target price at SAR 14 a share.

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