Riyadh – Mubasher: Aljazira Capital expects that Bank Albilad would achieve a net profit of SAR 855 million in 2017, with a 5.77% increase year-on-year.
“Albilad’s strong topline performance and higher operating income resulted from solid loans and deposit growth along with higher interest rates,” the report said.
Bank Albilad’s net profits rose 31.46% to SAR 229.4 million in the first quarter of 2017 compared to SAR 174.5 million in Q1-16.
Aljazira Capital noted that the bank is currently trading at a 12-month trailing price-earnings ratio (PE) of 12.85x as compared to a forward PE of 13.0x.
The research firm maintained its price target (PT) on the bank at SAR 19.9 with a “neutral” recommendation.