Al-Rajhi Bank and Samba Financial Group were among 10 Saudi lenders whose target share price was raised by Deutsche Bank AG because of the strength of their capital positions and “positive” first-quarter earnings.
Al-Rajhi’s price estimate was raised to 60 riyals from 49.5 riyals on the bank’s limited exposure to market risks, Deutsche Bank said in e-mailed note today. Deutsche increased target prices for the 10 lenders by an average of 15 percent.
“Existing levels of capital in the Saudi banks sector may be sufficient to weather any additional losses against investment portfolios, combined with high levels of government- led economic stimuli,” Deutsche said. “We regard the first quarter 2009 preliminary results as being broadly positive.”
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