Nauman Khan

Nauman Khan
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Latest articles from Nauman Khan

Al Rajhi Bank: Loan growth and cost optimisation to drive profits

We remain Neutral on AlRajhi with a PT of SAR112.2. AlRajhi’s asset quality remains robust with a comfortable liquidity position. Mortgages to drive strong loan growth: Loan book grew by 10% qoq (+42% yoy) in Q2 21 to SAR390bn, taking the ytd growth ...
SNB Capital Nauman
Nauman Khan @ SNB Capital 13 September 2021

FTSE Russell Semi-Annual Review – September 2021

FTSE Russell announced the outcome of its September 2021 Semi-Annual Index Review (SAIR), with changes for Saudi indices to be implemented on 20 September 2021 based on the closing prices of 16 September 2021. From Saudi’s perspective, two stocks wer...
SNB Capital Nauman
Nauman Khan @ SNB Capital 9 September 2021

BinDawood Holding: Strong results on higher margins

BinDawood reported better than expected set of Q2 21 results, with net income of SAR95.0mn (-48.8% yoy, +53% qoq). Revenues declined 27.4% yoy to SAR1.12bn and was lower than our estimates of SAR1.22bn. Subsequently, gross profit stood at SAR399mn (-...
SNB Capital Nauman
Nauman Khan @ SNB Capital 15 August 2021

MSCI Quarterly Review | August 2021

MSCI announced the outcome of its August 2021 Quarterly Index Review (QIR), with no changes related to Saudi indices. On the pro-forma basis, Saudi market weight in the MSCI Emerging Market index is estimated to marginally decline from 2.94% to 2.92%...
SNB Capital Nauman
Nauman Khan @ SNB Capital 13 August 2021

BJAZ: Q2 21 results analysis – Lower costs and limited provisions

Bank Aljazira’s (BJAZ) net income increased 51.5% yoy (-21.9% qoq) to SAR251mn in Q2 21. We believe the bank may have booked a capital loss on its investment book. Funding costs also witnessed a drop of c75bps yoy to 0.5%, marginally below our estima...
SNB Capital Nauman
Nauman Khan @ SNB Capital 5 August 2021

Al Rajhi Bank: Q2 21 review – Strong loan book growth, a key highlight

Al Rajhi reported a strong set of Q2 21 results, with net income increasing by 48.1% yoy (+8.1% qoq) to SAR3.60bn. Revenues increased by 31.8% yoy (+6.5% qoq) to SAR6.34bn and was in-line with our estimate. We believe the decline in earning assets’ y...
SNB Capital Nauman
Nauman Khan @ SNB Capital 5 August 2021

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