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Arab National Bank -Equity Report -15-01-2012

Source: NBK Capital

12-Month Fair Value: SAR 37.50
Recommendation: Buy - Risk Level: 2
Last Close (11 January 2012): SAR 27.60

Arab National Bank (ANB) reported a net profit of SAR 2.17 billion in FY2011, 14% above FY2010. It looks like provisioning (not disclosed in preliminary earnings releases), was high in 4Q2011, resulting in a QoQ drop in net profit (29%) to SAR 368 million. However, 4Q2011 net profit increased 22% YoY from the low SAR 301 million recorded in 4Q2010.

We believe this is a mixed set of results. Operating income and loan growth were broadly in-line with our forecasts. However provisioning in 4Q2011 looks higher-than-expected. We maintain our “Buy” recommendation on ANB, with a fair value per share of SAR 37.50, which is 36% above the last closing price. However, we will issue an update report on ANB after we speak to the bank’s management.

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