Al Rajhi Bank’s net income in Q2 2019 of SAR 2.58 billion came below analysts’ expectations and market consensus of SAR 3.04 billion and SAR 2.93 billion respectively, Riyad Capital said in a research note.
The research firm attributed the decline to a change in reporting standards regarding Zakat and tax.
“It’s worth noting that net income before Zakat for second quarter of 2019 is SAR 2.87 billion, which would have been in-line with market estimates,” it said.
Riyad Capital maintained its “Neutrality” recommendation towards the bank’s share, without changing the target price at SAR 74 per share.
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