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Saudi banks’ Q1 2023 actual earnings 1% higher than consensus estimates
AI Summary
Content Summary: 
Saudi banks’ actual net earnings of SAR 17.23 billion in the first quarter of 2023 were 1% higher than average analyst forecasts of around SAR 17.08 billion, according to data compiled by Argaam.
Company Estimates Comparisons
| Company | 2023 - Q1 (net income) | 2023 - Q1 (e) | Change |
| SNB | 5,021.54 | 4,839.04 | 3.8 % |
| ALINMA | 969.89 | 1,049.74 | (7.6 %) |
| ALRAJHI | 4,145.17 | 4,349.66 | (4.7 %) |
| SAB | 1,764.57 | 1,547.33 | 14.0 % |
| RIBL | 2,019.59 | 2,099.77 | (3.8 %) |
| ALBILAD | 559.90 | 546.61 | 2.4 % |
| BSF | 1,076.40 | 1,090.99 | (1.3 %) |
| ANB | 1,067.58 | 882.61 | 21.0 % |
| BJAZ | 204.04 | 295.54 | (31.0 %) |
| SAIB | 408.91 | 382.34 | 6.9 % |
| Total | 17237.59 | 17083.61 | 0.9 % |
The first-quarter net profit of five banks was higher than average expectations. Arab National Bank (ANB) topped the list with the largest earnings beat of 21%. It was followed by Saudi British Bank (SABB) (14%), Saudi Investment Bank (SAIB) (7%), Saudi National Bank (4%) and Bank Albilad (2%).
Meanwhile, AlJazira Bank, Alinma Bank, Al Rajhi Bank, Riyad Bank and Banque Saudi Fransi (BSF) missed forecasts by 31%, 8%, 5%,4% and 1%, respectively.
Osool and Bakheet Investment Co.'s estimates were the closest, among nine research firms, to the actual results of three banks. SICO Bank was the closest to the actual results of Al Rajhi Bank.
Actual Profit versus Estimates
| Company | 2023 - Q1 (net income) | 2023 - Q1 (e) | Most Accurate Research Company |
| SNB | 5,021.54 | 5,012.00 | EFG-Hermes |
| ALINMA | 969.89 | 971.00 | Sico |
| ALRAJHI | 4,145.17 | 4,209.00 | Sico |
| SAB | 1,764.57 | 1,714.00 | JP Morgan |
| RIBL | 2,019.59 | 2,035.00 | SNB Capital |
| ALBILAD | 559.90 | 552.00 | FAB Securities |
| BSF | 1,076.40 | 1,114.00 | FAB Securities |
| ANB | 1,067.58 | 980.43 | OSOOL AND BAKHEET |
| BJAZ | 204.04 | 283.08 | OSOOL AND BAKHEET |
| SAIB | 408.91 | 385.67 | OSOOL AND BAKHEET |
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MarketIndices
| TASI | 9,761.78 | 323.28 | 3.43 % |
Company Indices
| ALRAJHI | 59.15 | 1.15 | 1.98% |
| ALBILAD | 20.68 | 0.88 | 4.44% |
| ANB | 20.59 | 0.96 | 4.89% |
| BJAZ | 10.71 | 0.47 | 4.62% |
| RIBL | 19.32 | 0.49 | 2.61% |
| SAB | 31.52 | 0.30 | 0.96% |
| SAMBA | 39.05 | 1.70 | 4.62% |
| BSF | 19.26 | 0.83 | 4.56% |
| Alawwal | 19.58 | 0.28 | 1.45% |
| SAIB | 11.25 | 0.32 | 2.93% |
| ALINMA | 21.27 | 0.74 | 3.61% |
| SNB | 35.38 | 1.36 | 3.99% |
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