NCB Capital downgrades BSF rating to ‘Neutral’, TP at SAR 31

17/03/2021 Argaam

Logo of Banque Saudi Fransi

NCB Capital downgraded its recommendation on Banque Saudi Fransi (BSF) shares to “Neutral” from “Overweight” with target price (TP) at SAR 31 per share.

 

The firm said it is cautiously optimistic about the bank, noting that the change in the deposit mix and the focus on taking advantage of strong growth in the mortgage market were factors driving the stock.

 

Although it expected the rate of non-performing loans to stabilize, the improvement in non-performing loans coverage would keep the cost of risk high in 2021, NCB Capital added.

 

The difficulties in profits are expected to continue in the near term, the investment firm said, expecting the bank to achieve net profit of SAR 3.16 billion in 2021, and net profit of SAR 3.73 billion in 2022.

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