Saudi Fransi Capital maintains ‘hold’ rating on NCB after profit miss

14/01/2016 Argaam

Saudi Fransi Capital (SFC) maintained a “hold” rating on National Commercial Bank (NCB), and kept its target price unchanged at SAR 55 per share, the brokerage firm said in a report.

 

The recommendation was based on an expectation that higher SIBOR and interest rates in 2016 would facilitate further growth within Saudi Arabia’s banking sector.

 

The rating also comes after the bank’s fourth-quarter financial results, which fell short of SFC’s estimates.

 

On Wednesday, NCB reported a net profit of SAR 2.13 billion for Q4-2015, 17 percent higher compared to the same period in 2014.

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