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Profit growth for Saudi banks in 2012 will be driven by strong growth in loan volumes, particularly in the retail segment, NCB Capital said upgrading Arab National Bank (ANB) to “overweight.”
The brokerage said it continues to prefer banks like Al Rajhi Banking and Investment Corp and Samba Financial Group that are better positioned to tap the retail lending opportunity.
However, the brokerage downgraded Bank AlBilad to “underweight,” saying the stock has outperformed its peers, according to Kipp Report.
