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Bahrain-based SICO Investment Bank has lowered its outlook on Saudi banks after the Tadawul banking index rallied 30 percent since last October, it said in a note on Thursday.
The outlook was revised to Neutral from Buy, SICO said, adding that it expects National Commercial Bank (NCB) and Arab National Bank (ANB) to outperform their peers, while Al Rajhi Bank and Samba Financial Group will underperform.
“We believe in the current market it would be prudent to find stocks, which have greater potential to grow their lending books without undue provisioning pressure, instead of looking for value-buys. Thus among our ‘Buy’ picks, we would prefer NCB over ANB,” the brokerage said.
Saudi lenders – except for Al Rajhi Bank – booked significantly higher provisions in Q4 2016, compared to the average quarterly provisions booked in the first three quarters. However, this appears to be a one-off, the report said.
The kingdom resumed payments to contractors late last year, with SAR 40 billion already disbursed and another SAR 100 billion in the pipeline, accounting for about 80 percent of backlog payments.
“In the current scenario, it would be fair to assume that we should see asset quality concerns stabilizing,” SICO said.
Meanwhile, the lending book growth of banks in the kingdom is expected to come under pressure in the near term, as government payments would lead corporations to repay their bridge loans.
The Saudi government is also expected to move back to domestic issuances to fund its deficit in Q1 2017, which would again put pressure on banks’ liquidity.
Moreover, short-term austerity measures like a cap on bonuses for state employees would lower disposable income and reduce appetite for loans, at least in the near term.
“In spite of all the above concerns, we believe the issues are short-term stress on the banking system,” SICO said, noting that it expects Saudi banks to grow their lending books at 5-7 percent this year, followed by 8-10 percent in 2018.
The brokerage expects lenders to report 9-10 percent year-on-year earnings growth in 2017, followed by 12-13 percent growth in 2018, it added.
SICO ratings on Saudi banks |
||
Stock |
Target price |
Rating |
National Commercial Bank |
SAR 48 |
Buy |
Arab National Bank |
SAR 24 |
Buy |
Al Rajhi Bank |
SAR 66 |
Sell |
Alinma Bank |
SAR 15 |
Neutral |
Bank Saudi Fransi |
SAR 25.5 |
Neutral |
Riyad Bank |
SAR 12 |
Neutral |
Samba Financial Group |
SAR 21 |
Sell |
Saudi British Bank |
SAR 24 |
Neutral |
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