Riyad Capital said that Q3 2019 net income of Saudi British Bank (SABB) of SAR 1.06 billion came above its expectations of SAR 478 million.
The brokerage firm said in a research note that the bank’s provisions normalized this quarter coming to SAR 236 million, 86% lower than the second quarter 2019. Operating expenses plunged 53% to SAR 1.3 billion, though increased slightly by 5% YoY due to incorporating SAR 137 million of merger related costs.
Riyad Capital maintained its “neutral” recommendation towards SABB share, with a target price of SAR 31 per share.
Comments
{{DisplayName}}
{{ElapsedTime}}