Itqan Capital maintained its “Neutral” recommendation on Al Rajhi Bank, setting the target price at SAR 97 per share.
Accelerating growth in mortgages continued to drive unprecedented financing growth for the bank, driving earnings higher, the brokerage said in a new report.
The bank’s liquidity, asset quality, and capital ratios remain strong, with cost optimization efforts evident over the past two quarters.
Al Rajhi Bank’s net interest margin (NIM) is expected to continue its downtrend on the back of lower SAIBOR and reduced mortgage rates. Nevertheless, the fast financing growth is likely to offset lower NIM, the report concluded.
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