Bank Albilad’s Q3 2019 earnings meet expectations: NCB Capital

27/10/2019 Argaam

 

Bank Albilad’s net income of SAR 327 million in Q3 2019 came in-line with analysts’ estimates of SAR 331 million, but higher than market consensus of SAR 317 million, NCB Capital said in a research note.

 

The brokerage firm said that this is the highest net income since the first quarter of 2012.

 

“We believe the year-on-year (YoY) growth in earnings is attributed to both strong increase in earnings assets and improved yields,” it noted.

 

NCB maintained its “Neutral” recommendation on the bank with a target price of SAR 26.9 per share.

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