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Riyad Bank

Source: NBK Capital

12-Month Fair Value: SAR33.80
Recommendation: Buy – Risk Level: 2
Last Close (15 October 2011): SAR 23.75

Riyad Bank announced a net profit of SAR 794 million in 3Q2011, up 30% YoY but down 5% QoQ. It looks like provisioning (not disclosed in preliminary earning releases), as expected, dropped sharply YoY, significantly supporting the strong increase in the bottom line compared to 3Q2010.

We believe this is a good result for Riyad Bank. Operating income and loan growth were in-line with our forecasts. We maintain our “Buy” recommendation on Riyad Bank, with a fair value per share of SAR 33.80, which is 42% higher than the bank’s last closing price.

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