Bank Albilad’s Q2 profit falls below forecasts: Alistithmar Capital

Bank Albilad’s Q2 profit fell slightly below estimates set by Alistithmar Capital, the brokerage firm said in a report.

The investment arm of Saudi Investment Bank downgraded Albilad to “reduce” from “neutral,” and slashed the stock’s target price to SAR 32 from SAR 40.

On the other hand, the bank’s volume of deposits grew by 14.8 percent, which exceeded analyst expectations. Loan-to-deposit ratio also rose from 80 percent to 82.7 percent.

On Wednesday, Bank Albilad reported a second-quarter profit of SAR 206.5, 1.08 percent higher than the same period last year. The lender attributed the increase to higher operating income.