Riyadh – Mubasher: Albilad Capital has reviewed its expectations for Bank AlJazira in light of the latest economic variables and a potential slowdown in banking deposit growth.
The firm assigned a 'Neutral' recommendation on the bank's stock, decreasing the price target to SAR14.7 from SAR19.
Closer to estimates, the bank's net profit hit SAR374, which represent a decline of 24% after neutralizing exceptional gains.
Moreover, loan-to-deposit ratio rose to 87% from 74% thanks to 8.7% decrease in deposits and 5.2% increase in loans at the same period of the year, the research firm said,
