SABB’s Q2 beats estimates on lower provisions: Riyad Cap

14/02/2019 Argaam

 

Saudi British Bank’s (SABB) Q4 2018 net profit of SAR 1.21 billion beat Riyad Capital and consensus estimates of SAR 1.02 billion and SAR 883 million, respectively, due to lower than expected provisions, the research firm said in an earnings report on Thursday.

 

The bank's deposits rose by SAR 1.2 billion to SAR 131 billion after posting three consecutive quarters of declines but exceeding the brokerage's estimate of SAR 127 billion. Loans dropped for the fourth successive quarter by SAR 1.8 billion to SAR 110 billion but matching Riyad Capital's estimate.

 

Non-core income stood at SAR 394 million, while fee-based income and trading income remained weaker in 2018 compared to the previous year.

 

Riyad Capital maintained its "neutral" rating on the stock, setting the target price at SAR 36 a share.

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