Riyadh – Mubasher: Qatar National Bank (QNB) set the price target (PT) of Al Rajhi Bank’s stock at SAR 59, with a “neutral” rating, according to a statement.
The Saudi-listed bank is expected to report a 14.8% growth in its profits year-on-year to reach SAR 8.19 billion in 2016, QNB added.
Net profits grew 16.73% to SAR 2 billion ($535.73 million) in Q3-16, compared to SAR 1.72 billion ($458.93 million) in Q3-15.
In the first nine months of 2016, the bank’s net profits grew 17.3% to SAR 6.08 billion compared to SAR 5.18 billion in the same period of 2015.
