FAB Affirms Buy Rating on Saudi National Bank Post-Q3 Results

06:12 AM EST, 11/04/2026 (MT Newswires) -- FAB Securities maintained its buy rating on Saudi National Bank (SASE:1180), with a price target of 50 Saudi riyals, as analysts took note of the company's third-quarter results. The research firm said Wednesday the Saudi lender's third-quarter net profit of 6.45 billion riyals, down 0.3% year over year, came in below FAB's estimate of 6.76 billion riyals. The Tadawul-listed bank attributed the marginal fall in its net profit to higher total operating costs and net impairment charge for expected credit losses. Meanwhile, operating income rose 2.2% to 10.37 billion riyals, compared with the research firm's expected 10.86 billion riyals. "Looking ahead, SNB expects margin pressure to continue in 4Q26 as funding liabilities reprice faster than earning assets, although asset repricing is expected to increasingly support margins during 1H27," the research firm said. "Overall, we remain positive on SNB, as sustained financing growth, improving fee-generation capabilities, disciplined cost management, prudent credit underwriting and active funding optimisation should support earnings through the current rate environment."