Itqan Capital initiates Bank Albilad coevrage with “Underweight” recommendation

Itqan Capital commenced the coverage of Bank Albilad with an “Underweight” recommendation and a target price of SAR 22.30 per share.

The brokerage firm said in a research note that despite the good performance of the bank compared to its peers, the current share price is higher than its fair value, which makes it less attractive for investment.

“Key growth catalysts of the bank include the bank’s growth strategy, increase in investment in government bonds, and maintaining non-performing loans rate,” the brokerage firm said in the note.