Mubasher: Alistithmar Capital lowered its fair value (FV) of Banque Saudi Fransi to SAR 22.5 per share, down from SAR 29, according to the research firm report issued on Wednesday.
This comes after the bank registered a slight decrease in net profits by 0.98% to SAR 1.01 billion ($269 million) in Q3-16, from SAR 1.02 billion ($272 million) in Q3-15.
The bank’s profits also declined by 3.63% quarter-on-quarter from SAR 1.05 billion.
Despite a 6.6% rise in deposits which kept the loan-to-deposit ratio (LTD) at 90.9%, Alistithmar Capital forecasts a decline in loans volume and an increase in provisions, the report explained.
