United Securities Keeps Al Rajhi Bank at Buy After 'In-line' Q2 Performance

03:01 AM EDT, 08/13/2026 (MT Newswires) -- United Securities LLC affirmed its investment case for Al Rajhi Bank (SASE:1120) after the Saudi Arabian lender published "in-line" second-quarter results. "ARB's operating income was in line with expectations, while net income was marginally ahead. Management has made minor adjustments to its loan growth and cost of risk guidance. We maintain our BUY rating and target price of SAR 75/share," analysts said Wednesday. For the three months ended June 30, Al Rajhi Bank's operating income rose 13.3% year over year to 10.88 billion Saudi riyals, while attributable net profit was up 14% to 7.01 billion riyals. The net profit came in 3% above United Securities' forecasts. "YTD net loans and deposits grew 1.2% and 3.2%, respectively. Management had revised its loan growth guidance from low-to-mid- single-digit growth to low-single-digit growth and increased its cost of risk guidance by 5bps at either end of the range to 0.35%-0.45%," the research firm wrote.