Major Estimate Revision • May 05
Consensus EPS estimates increase by 39% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from ر.س1.79 to ر.س2.48. Revenue forecast steady at ر.س19.5b. Net income forecast to grow 8.0% next year vs 11% growth forecast for Banks industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س26.98. Share price was steady at ر.س20.85 over the past week. Reported Earnings • May 01
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: ر.س0.83 (up from ر.س0.56 in 1Q 2025). Revenue: ر.س4.34b (up 4.8% from 1Q 2025). Net income: ر.س2.61b (up 18% from 1Q 2025). Profit margin: 60% (up from 54% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 16
Riyad Bank, Annual General Meeting, Apr 05, 2026 Riyad Bank, Annual General Meeting, Apr 05, 2026, at 19:00 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Feb 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ر.س3.29 (up from ر.س3.01 in FY 2024). Revenue: ر.س17.0b (up 8.7% from FY 2024). Net income: ر.س9.85b (up 9.3% from FY 2024). Profit margin: 58% (in line with FY 2024). Non-performing loans: 0.79% (down from 0.98% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 30
Riyad Bank Announces Board Appointments, Effective October 31, 2025 Riyad Bank at its Extraordinary General Assembly Meeting held on October 28, 2025 announced the election of Mr. Ibrahim Hassan Sharbatly and Dr. Mansoor Abdulaziz Almansoor as board members of the company for the next term, which starts from October 31, 2025 and lasts for three years, ending on October 30, 2028. Reported Earnings • Oct 22
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: ر.س0.90 (up from ر.س0.89 in 3Q 2024). Revenue: ر.س3.86b (down 9.4% from 3Q 2024). Net income: ر.س2.69b (up 1.3% from 3Q 2024). Profit margin: 70% (up from 62% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 24
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: ر.س0.82 (up from ر.س0.74 in 2Q 2024). Revenue: ر.س4.21b (up 10% from 2Q 2024). Net income: ر.س2.60b (up 16% from 2Q 2024). Profit margin: 62% (up from 58% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 23
Dividend of ر.س0.85 announced Shareholders will receive a dividend of ر.س0.85. Ex-date: 5th August 2025 Payment date: 17th August 2025 Dividend yield will be 6.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 9.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 04
First quarter 2025 earnings: EPS in line with expectations, revenues disappoint First quarter 2025 results: EPS: ر.س0.80 (up from ر.س0.66 in 1Q 2024). Revenue: ر.س4.14b (up 13% from 1Q 2024). Net income: ر.س2.38b (up 21% from 1Q 2024). Profit margin: 57% (up from 54% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 07
Upcoming dividend of ر.س0.90 per share Eligible shareholders must have bought the stock before 14 April 2025. Payment date: 24 April 2025. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 6.1%. Within top quartile of Saudi dividend payers (5.0%). Higher than average of industry peers (4.2%). Announcement • Mar 12
Riyad Bank, Annual General Meeting, Apr 13, 2025 Riyad Bank, Annual General Meeting, Apr 13, 2025, at 19:00 Arab Standard Time. Location: riyadh Saudi Arabia Reported Earnings • Feb 12
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ر.س3.01 (up from ر.س2.58 in FY 2023). Revenue: ر.س15.7b (up 12% from FY 2023). Net income: ر.س9.32b (up 21% from FY 2023). Profit margin: 60% (up from 56% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 22
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: ر.س0.86 (up from ر.س0.66 in 3Q 2023). Revenue: ر.س4.26b (up 18% from 3Q 2023). Net income: ر.س2.65b (up 34% from 3Q 2023). Profit margin: 62% (up from 55% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: ر.س0.78 (up from ر.س0.66 in 2Q 2023). Revenue: ر.س3.82b (up 11% from 2Q 2023). Net income: ر.س2.34b (up 18% from 2Q 2023). Profit margin: 61% (up from 58% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 08
Dividend of ر.س0.80 announced Shareholders will receive a dividend of ر.س0.80. Ex-date: 12th August 2024 Payment date: 22nd August 2024 Dividend yield will be 6.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (52% forecast payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 26
Riyad Bank Announces the Resignation of Wadhaah Ibrahim Al Shikh Mubarak as Audit Committee Member, Effective August 1, 2024 Riyad Bank announced the resignation of the Audit Committee Member Dr. Wadhaah Ibrahim Al Shikh Mubarak from his position, due to his personal circumstances, effective August 1, 2024. Reported Earnings • May 01
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: ر.س0.66 (up from ر.س0.62 in 1Q 2023). Revenue: ر.س3.65b (up 7.0% from 1Q 2023). Net income: ر.س2.07b (up 12% from 1Q 2023). Profit margin: 57% (up from 54% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 18
Upcoming dividend of ر.س0.75 per share Eligible shareholders must have bought the stock before 25 March 2024. Payment date: 02 April 2024. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of Saudi dividend payers (4.3%). Higher than average of industry peers (3.2%). Declared Dividend • Mar 01
Final dividend increased to ر.س0.75 Dividend of ر.س0.75 is 15% higher than last year. Ex-date: 25th March 2024 Payment date: 2nd April 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (52% forecast payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 29
Riyad Bank, Annual General Meeting, Mar 24, 2024 Riyad Bank, Annual General Meeting, Mar 24, 2024, at 19:30 Coordinated Universal Time. Agenda: To view board of director’s report for the fiscal year ending on 31 December 2023 and to discuss it; to approve the financial statements for the fiscal year ending on 31 December 2023 and to discuss it; to approve the External Auditors Report on the Bank’s accounts for the fiscal year ending on 31 December 2023 and to discuss i; to approve the discharge of the board members for the fiscal year ending on 31 December 2023; to approve the policy Remuneration for Board Members, Committees and Senior Management Officer; and to discuss other matters. Reported Earnings • Feb 23
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ر.س2.58 (up from ر.س2.32 in FY 2022). Revenue: ر.س13.9b (up 13% from FY 2022). Net income: ر.س7.73b (up 11% from FY 2022). Profit margin: 56% (in line with FY 2022). Non-performing loans: 1.24% (down from 1.72% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.1%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Announcement • Feb 14
Riyad Bank Recommends Cash Dividend for the Second Half of 2023 Riyad Bank announced the Board of Directors' recommendation to distribute cash dividend of SAR 0.75 after deduction of Zakat or total amount distributed SAR 2,246,250,000 to shareholders for the Second Half of 2023. The eligibility date of the dividends shall be at the end of trading day of the Banks General Assembly meeting day (which will be announced at a later date) for the shareholders registered in Depository Center at the end of the second trading day following the General Assembly Meeting date. Distribution Date will be announced at a later date. Announcement • Dec 14
Riyad Bank Announces CEO Changes Riyad Bank announces its Board of Directors resolution dated 12 December 2023G corresponding to 28 Jumada al-Awwal 1445H, to accept the resignation of Mr. Tareq Abdulrahman AlSadhan from his position as CEO of the Bank to continue his professional career. The resignation will be effective from 31 January 2024G corresponding to 19 Rajab 1445H. The Board and all the Bank-s employees would like to express their sincere gratitude and appreciation to Mr. Tareq AlSadhan for his role and exceptional efforts in improving the performance of the Bank during his presidency, wishing him all the best of luck and success. The Board has also resolved to appoint Mr. Nader Sami AlKoraya as the CEO of the Bank starting from 01 February 2024G corresponding to 20 Rajab 1445H, subject to obtaining the non-objection from the Saudi Central Bank. Mr. AlKoraya holds a Master's degree in Business from the University of California. He has undergone various executive and leadership programs, such as the Leadership Program from Harvard Business School. Additionally, he has more than 30 years of experience in banking. He has held numerous leadership positions the last of which is the Chief of Treasury and Investment at Riyad Bank. Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ر.س0.66 (up from ر.س0.59 in 3Q 2022). Revenue: ر.س3.63b (up 13% from 3Q 2022). Net income: ر.س1.98b (up 12% from 3Q 2022). Profit margin: 55% (in line with 3Q 2022). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 9.7%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Jul 26
Second quarter 2023 earnings released: EPS: ر.س0.66 (vs ر.س0.54 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.66 (up from ر.س0.54 in 2Q 2022). Revenue: ر.س3.44b (up 20% from 2Q 2022). Net income: ر.س1.98b (up 23% from 2Q 2022). Profit margin: 58% (up from 56% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 23
Upcoming dividend of ر.س0.65 per share at 3.8% yield Eligible shareholders must have bought the stock before 30 July 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.8%. Lower than top quartile of Saudi dividend payers (4.2%). Higher than average of industry peers (2.8%). Price Target Changed • May 03
Price target decreased by 7.0% to ر.س34.22 Down from ر.س36.81, the current price target is an average from 12 analysts. New target price is 7.9% above last closing price of ر.س31.70. Stock is down 22% over the past year. The company is forecast to post earnings per share of ر.س2.62 for next year compared to ر.س2.32 last year. Upcoming Dividend • Mar 20
Upcoming dividend of ر.س0.65 per share at 4.2% yield Eligible shareholders must have bought the stock before 27 March 2023. Payment date: 03 April 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Saudi dividend payers (4.7%). Higher than average of industry peers (3.1%). Announcement • Feb 17
Riyad Bank and Al Rajhi Bank Eye Acquisition of Egypt's United Bank Two Saudi lenders, Riyad Bank (SASE:1010) and shariah-compliant lender Al Rajhi Banking and Investment Corporation (SASE:1120), are looking to either fully acquire or buy a partial stake in state-owned United Bank ltd (UAE), Al Mal newspaper reported parliament's budget committee head Fakhri El Fiqi as saying. The two Saudi banks are reportedly looking to come on board as strategic investors in United Bank, currently 99.9% owned by the Central Bank of Egypt. The CBE formed United Bank through the merger of three failing private sector banks in the late 1990s, during the bank restructuring of the period. According to local media, PIF has appointed EFG Hermes as financial advisors and US law firm, Akin Gump, as legal counsel, while CI Capital is reportedly acting as United Bank's advisor. Announcement • Dec 20
Riyad Bank Recommends Cash Dividend for the Second Half of 2022 Riyad Bank announces the Board of Directors' recommendation to distribute cash dividend of SAR 0.65 after deduction of Zakat or total amount distributed SAR 1,950,000,000 to shareholders for the Second Half of 2022. The eligibility date of the dividends shall be at the end of trading day of the Banks General Assembly meeting day (which will be announced at a later date) for the shareholders registered in Depository Center at the end of the second trading day following the General Assembly Meeting date. Distribution Date will be announced at a later date. Announcement • Nov 28
Riyad Bank Announces Resignation of Abdurrahman Mohammed Al-Thehaiban as Member of Board of Directors Riyad Bank announced the resolution of Board of Directors to accept the resignation of Mr. Abdurrahman Mohammed Al-Thehaiban from his position as a member of the Board of Directors as of November 27, 2022 due to new circumstances that occurred recently from his organization, which would affect his performance as a Board Member of Riyad Bank. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Vice Chairman of the Board Mutaz AlAzzawi was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Nov 01
Riyad Bank Announces the Appointment of the Chairman and Vice Chairman Riyad Bank announced appointment of Eng. Abdullah Mohammed Al-Issa, as Chairman of the Board of Directors and appointment of Eng. Mutaz Kusai AlAzzawi, as Vice Chairman of the Board of Directors. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: ر.س0.61 (vs ر.س0.51 in 3Q 2021) Third quarter 2022 results: EPS: ر.س0.61 (up from ر.س0.51 in 3Q 2021). Revenue: ر.س3.22b (up 17% from 3Q 2021). Net income: ر.س1.83b (up 19% from 3Q 2021). Profit margin: 57% (in line with 3Q 2021). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 24
Riyad Bank Approves Board Appointments Riyad Bank announced that at its Ordinary General Assembly Meeting held on October 23, 2022, elected Mr. Abdul Rahman Al Thehaiban, Eng. Omar Hamad Almadhi, Ms. Mona Mohammed Al Tawil, Mr. Hani Abdullah Aljehani, Mr. Yasir Abdullah Alsalman as members of the Board of Directors, and Approval of the formation of the Audit Committee for the new period of three years starting from October 31, 2022 until October 31, 2025, and on its duties and internal regulations as well as on the remuneration of its members, represented by the following members: Mr. Jamal Abdulkareem Al- Rammah (Chairman of the Committee); Ms. Mona Mohammed Al Tawil (Member of the Committee); Mr. Tareq Abdullah Al-Qaraawy (Member of the Committee); Mr. Eid Faleh Al Shamri (Member of the Committee); Dr. Wadhaah Ibrahim Mubarak (Member of the Committee). Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 15% share price gain to ر.س34.05, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Banks industry in Saudi Arabia. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ر.س21.97 per share. Announcement • Sep 29
Riyad Bank, Annual General Meeting, Oct 23, 2022 Riyad Bank, Annual General Meeting, Oct 23, 2022, at 15:30 Coordinated Universal Time. Location: Riyad Bank - Heart of Riyad Tower on Olaya street Riyadh Saudi Arabia Agenda: To consider election of directors; to consider formation of Audit Committee; and to transact other matters. Announcement • Aug 21
Saudi Real Estate Refinance Company agreed to acquire Real estate financing portfolio of Riyad Bank from Riyad Bank (SASE:1010) for SAR 500 million. Saudi Real Estate Refinance Company agreed to acquire Real estate financing portfolio of Riyad Bank from Riyad Bank (SASE:1010) for SAR 500 million on August 19, 2022. The agreement between SRC and Riyad Bank is the second largest mortgage refinancing deal in the kingdom. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: ر.س0.02 (vs ر.س0.50 in 2Q 2021) Second quarter 2022 results: EPS: ر.س0.02 (down from ر.س0.50 in 2Q 2021). Revenue: ر.س30.4m (down 99% from 2Q 2021). Net income: ر.س58.6m (down 96% from 2Q 2021). Over the next year, revenue is forecast to grow 69%, compared to a 27% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 24
Upcoming dividend of ر.س0.50 per share Eligible shareholders must have bought the stock before 31 July 2022. Payment date: 11 August 2022. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Saudi dividend payers (4.4%). Higher than average of industry peers (2.6%). Announcement • Jul 19
Riyad Bank Announces Cash Dividend for the First Half of 2022, Payable on August 11, 2022 Riyad Bank announces the Board of Directors' resolution to distribute cash dividend of SAR 0.50 after deduction of Zakat or total amount distributed SAR 1,500,000,000 to shareholders for the First Half of 2022. Eligibility shall be at the end of trading day 29-12-1443 Corresponding to 28-07-2022 for the shareholders registered in Depository Center (Edaa) at the end of the second trading day following the Dividend distribution date. The dividend payable on August 11, 2022. Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ر.س0.52 (up from ر.س0.45 in 1Q 2021). Revenue: ر.س2.85b (up 13% from 1Q 2021). Net income: ر.س1.55b (up 15% from 1Q 2021). Profit margin: 55% (in line with 1Q 2021). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 19%, compared to a 29% growth forecast for the industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Vice Chairman of the Board Mutaz Al Azzawi was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 06
Upcoming dividend of ر.س0.54 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 25 April 2022. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Saudi dividend payers (4.1%). Higher than average of industry peers (2.3%). Reported Earnings • Mar 12
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: ر.س2.01 (up from ر.س1.57 in FY 2020). Revenue: ر.س10.7b (up 19% from FY 2020). Net income: ر.س6.03b (up 28% from FY 2020). Profit margin: 56% (up from 52% in FY 2020). The increase in margin was driven by higher revenue. Non-performing loans: 1.65% (down from 1.86% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Over the next year, revenue is forecast to grow 16%, compared to a 27% growth forecast for the banks industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 3 highly experienced directors. Non-Executive Director Abdul-Rahman Amin Jawa Gawah was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Major Estimate Revision • Dec 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ر.س1.82 to ر.س2.07. Revenue forecast steady at ر.س11.5b. Net income forecast to grow 15% next year vs 20% growth forecast for Banks industry in Saudi Arabia. Consensus price target broadly unchanged at ر.س28.79. Share price was steady at ر.س27.90 over the past week. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ر.س0.51 (vs ر.س0.43 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س2.75b (up 17% from 3Q 2020). Net income: ر.س1.54b (up 19% from 3Q 2020). Profit margin: 56% (up from 55% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS ر.س0.50 (vs ر.س0.35 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س2.73b (up 32% from 2Q 2020). Net income: ر.س1.51b (up 42% from 2Q 2020). Profit margin: 55% (up from 52% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Major Estimate Revision • May 25
Consensus EPS estimates fall to ر.س1.66 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ر.س11.5b to ر.س11.3b. EPS estimate also fell from ر.س1.85 to ر.س1.66. Net income forecast to grow 14% next year vs 14% growth forecast for Banks industry in Saudi Arabia. Consensus price target up from ر.س24.03 to ر.س24.86. Share price was steady at ر.س24.08 over the past week. Major Estimate Revision • May 24
Consensus EPS estimates fall to ر.س1.66 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ر.س11.6b to ر.س11.3b. EPS estimate also fell from ر.س1.85 to ر.س1.66. Net income forecast to grow 14% next year vs 17% growth forecast for Banks industry in Saudi Arabia. Consensus price target of ر.س24.03 unchanged from last update. Share price fell 3.1% to ر.س23.86 over the past week. Reported Earnings • May 07
First quarter 2021 earnings released: EPS ر.س0.45 (vs ر.س0.49 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ر.س2.52b (down 2.2% from 1Q 2020). Net income: ر.س1.35b (down 8.3% from 1Q 2020). Profit margin: 54% (down from 57% in 1Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 17
First Dividend Is ر.س0.50 Per Share Will be paid on the 6th of April to those who are registered shareholders by the 24th of March. The company last paid an ordinary dividend in February 2020. The average dividend yield among industry peers is 2.7%. Announcement • Mar 14
Riyad Bank Announces the Resignation of Abdulaziz Abdullah Al-Duailej as Audit Committee Member Riyad Bank announced the resignation of the Audit Committee member, H.E. Mr. Abdulaziz Abdullah Al-Duailej (an independent external member). Resignation effective date is March 13, 2021. Is New 90 Day High Low • Mar 11
New 90-day high: ر.س21.62 The company is up 7.0% from its price of ر.س20.30 on 10 December 2020. The Saudi market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س12.13 per share. Announcement • Mar 03
Riyad Bank, Annual General Meeting, Mar 23, 2021 Riyad Bank, Annual General Meeting, Mar 23, 2021, at 15:30 Coordinated Universal Time. Agenda: To vote on the board of director’s report for the fiscal year ended December 31, 2020; to vote on the banks financial statements as in 31/12/2020; to vote on the discharge of the board members for the fiscal year ended December 31, 2020; to vote to disburse an amount of SAR 5,945 as a bonus to the members of the Board of Directors for the fiscal year ended December 31, 2020; to Vote on the Board of Directors ’recommendation to distribute cash dividends amounted to SAR (1,500) million to shareholders for the year 2020, with the value of (50) Halalas per share and at rate of (5%) of the capital, provided that the shareholders who own the shares are eligible by the end of The day of the general assembly meeting and those registered in the Banks shareholders register at the Securities Depository Centre Company are traded at the end of the second trading day following the maturity date, provided that dividend distribution starts on April 06, 2021 corresponding to August 24, 1442. Reported Earnings • Feb 27
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ر.س9.10b (down 6.7% from FY 2019). Net income: ر.س4.71b (down 16% from FY 2019). Profit margin: 52% (down from 57% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 15% per year. Is New 90 Day High Low • Feb 10
New 90-day high: ر.س21.80 The company is up 14% from its price of ر.س19.18 on 12 November 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س12.42 per share. Is New 90 Day High Low • Jan 15
New 90-day high: ر.س21.12 The company is up 7.0% from its price of ر.س19.66 on 15 October 2020. The Saudi market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س11.77 per share. Major Estimate Revision • Dec 12
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from ر.س1.59 to ر.س1.96. Revenue estimate for the same period was approximately flat at ر.س11.2b. Net income is expected to grow by 4.7% next year compared to 2.3% growth forecast for the Banks industry in Saudi Arabia. The consensus price target increased from ر.س20.09 to ر.س20.61. Share price stayed mostly flat at ر.س20.30 over the past week. Is New 90 Day High Low • Nov 25
New 90-day high: ر.س20.14 The company is up 7.0% from its price of ر.س18.80 on 27 August 2020. The Saudi market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Banks industry, which is also up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ر.س8.28 per share. Analyst Estimate Surprise Post Earnings • Nov 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) missed analyst estimates by 7.9%. Over the next year, revenue is forecast to grow 19%, compared to a 15% growth forecast for the Banks industry in Saudi Arabia. Reported Earnings • Nov 03
Third quarter 2020 earnings released: EPS ر.س0.43 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ر.س2.35b (down 8.4% from 3Q 2019). Net income: ر.س1.30b (down 14% from 3Q 2019). Profit margin: 55% (down from 59% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Price Target Changed • Oct 21
Price target raised to ر.س19.24 Up from ر.س17.80, the current price target is an average from 9 analysts. The new target price is close to the current share price of ر.س19.22. As of last close, the stock is down 13% over the past year. 
