Some Saudi banks remain a tough call for investors after they reported first-quarter earnings, with profit margins under pressure and little growth in revenue from interest on loans, according to an analyst’s report Tuesday.
Credit Suisse’s Mohamad Hawa in London affirmed neutral ratings on Arab National Bank, Riyad Bank and Saudi Hollandi Bank.
He cut his target price on ANB to 35 riyals ($9.33) from 46 after the bank paid out a bonus issue of four shares for every 13 held.
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