United Securities Maintains Saudi National Bank at Buy After Q2 Earnings Beat

05:13 AM EDT, 08/12/2026 (MT Newswires) -- United Securities LLC reiterated its investment view on Saudi National Bank (SASE:1180), after the lender's second-quarter performance came in ahead of expectations. For the second quarter, the bank's net income rose 8% year over year and surpassed United Securities' estimate by 4%, according to a Tuesday note. Operating income also increased 11.3% annually to 10.6 billion Saudi riyals, above the research firm's forecast by 5%. Looking ahead, analysts noted the management's reiterated target of mid-single-digit net interest income growth for 2026. On the other hand, the company revised its cost of risk guidance to 0.10% to 0.20%, or a decline of 5 basis points for both ends, while loan growth is now expected at mid-single-digit, against the previous high-single-digit projection. "SNB delivered results above our expectations; however, management reduced its loan growth guidance even as it upgraded its cost of risk guidance. We maintain our BUY rating and target price of SAR 47/share," analysts wrote.