Riyad Capital Revises Banque Saudi Fransi Rating After Q2 Earnings

05:22 AM EDT, 07/23/2026 (MT Newswires) -- Riyad Capital updated its rating for Banque Saudi Fransi (SASE:1050) after the lender released its second-quarter earnings. "BSF's valuation discount to peers has narrowed significantly, from an average discount of 32% over the past two years to 17% currently. The stock now trades at forward P/BV of 1.1x, close to our justified multiple. Following the recent rerating, we believe the upside potential has largely been priced in. Accordingly, we downgrade the stock to Neutral while maintaining our target price [of SAR22]," analysts said. For the second quarter, the bank logged a 6% year-over-year increase in its net income to 1.49 billion riyals, surpassing Riyad Capital's estimate of 1.37 billion riyals. Additionally, the bank's total operating income of 2.85 billion riyals was above the research firm's 2.73 billion-riyal forecast.