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Source: NBK Capital

Riyad Bank (Riyad) is a major player in the Saudi banking sector, with an 11% share of the country’s total banking assets. Riyad was the only Saudi bank that did not witness a drop in its net profit in 2007 as it grew by a slim 4%, compared with a 16% drop in the combined earning of the bank’s peers.

Some of the Riyad’s current focus areas are infrastructure and project financing, wealth management, investment banking, lending to small and medium-size enterprises (SMEs), and mortgage lending. Riyad has recently completed an SAR 13.1 billion right issue. The massive size of this issue indicates that Riyad expects significant growth in the years to come.

Riyad underperformed its peers in terms of operating income growth and net profit growth in the years before 2007. This has led to Riyad having a higher cost-to-income ratio and a lower return on equity than those of its peers.

We forecast Riyad’s net loans and deposits to grow by a CAGR of 20% and 19%, respectively, in the five years ending in 2012. Total operating income and net profit are forecasted to grow by a CAGR of 15% and 17%, respectively, reaching SAR 10.5 billion and SAR 6.7 billion in 2012

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