Nauman Khan

Banks loan book increased by 0.9% mom to SAR2.39trn in February 2023, taking 2023 ytd growth to 1.7%. Mortgage origination (by banks) decreased by 14.7% mom (18.7% yoy) to SAR7.14bn. The liquidity in the banking system remained tight as the regulator...

Well positioned for Mega-projects’ related loan growth. Strong fee and commission income contribution. Liquidity position is relatively tight.

Revenues decreased by 7.4% yoy (-10.9% qoq) to SAR210mn and came lower than our estimates of SAR229mn. Gross margins expanded by 120bps yoy to 25.4% in Q4 22. The company has deconsolidated its statements and re-classified its holding in EMS and list...

Fitness Time reported a strong set of Q4 22 results, with net profit increasing by 24.8% yoy (+57.5% qoq) to SAR107.2mn. Gross margins came in at 49.0% in Q4 22, higher than our estimates of 41.0%. Membership revenue increased by 30.6% yoy (+27.0% qo...

FTSE Russell announced changes related to FTSE Saudi Arabia Free Index Series. There was one deletion (SGS) from Saudi Free Index with no new additions. The Saudi market weight in the FTSE Emerging Market largely remains unchanged at c4.4%.

BSFR reported a net income of SAR903mn, down 9.1% yoy (-6.1% qoq). The management gave the loan book growth guidance of high single digit for FY23. Cost of risk guidance is between 70-80bps for FY 23.