SNB Capital Notes Alinma Bank's Q2 Results

04:51 AM EDT, 07/22/2026 (MT Newswires) -- SNB Capital took note of Alinma Bank's (SASE:1150) second-quarter report in an analysis published Tuesday, saying the results came in "weaker than expected" as provisioning rose. "Net income increased by 1.4% yoy (-5.0% qoq) to SAR1.59bn, below the SNB Capital estimate of SAR1.68bn and consensus estimate of SAR1.70bn. Banking income increased by 6.2% yoy (+3.9% qoq) to SAR3.1bn supported by strong growth in NSCI which partly offset lower fee income. NSCI increased by 12.2% yoy (+3.0% qoq) to SAR2.55bn, in line with our estimates," analysts said. "Provisioning expense increased by 42.2% yoy (+156.9% qoq) to SAR400mn, significantly higher than our estimate of SAR249mn which we believe is the key highlight of the results." The bank's fee and other income declined 14.3% annually to 579 million Saudi riyals, against SNB Capital's forecast of 577 million riyals. The stock has a neutral rating and a price target of 25.5 riyals at SNB Capital.