Saudi Banking Sector – 1Q 2017 - Aljazira Capital Banking Sector – 1Q 2017 In 1Q2017, the...

June 2016

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Saudi Banking Sector

Saudi Arabia | Quarterly Report | Q1-2017

Saudi Banking Sector – 1Q 2017In 1Q2017, the balance sheet of Saudi Arabia’s banking sector increased 1.9% YoY and 0.5% QoQ to SAR 2,267bn. Total loans accounted for 72.3% of total assets, whereas deposits formed 71.0% of total liabilities. The banking sector’s balance sheet grew at a 10-year CAGR of 10.9%.

The Saudi banking sector has 12 listed banks and other non-listed banks. In terms of the balance sheet size, National Commercial Bank (NCB) (assets of more than SAR 448.7bn) is the biggest bank in the Kingdom, accounting for 20.2% of the total market, followed by Al Rajhi Bank (an asset base of SAR 337.2bn and 15.2% of the market share). Samba (asset base of SAR 231.9bn) accounts for 10.5% while Riyadh Bank (total assets worth SAR 216.3bn) accounts for 9.8% of total banking assets.

Of the 12 banks, Al Rajhi Bank, Alinma Bank, Bank Albilad, and Bank AlJazira are Shariah-compliant banks, accounting for 25.5% of total banking assets. Al Rajhi Bank is the largest Shariah-compliant bank in the Kingdom, accounting for 59.7% of the total market share in 1Q 2017 (down from 60.2% in 4Q 2016) among Shariah banks.

Acting Head of Research

Talha Nazar +966 11 [email protected]

Saudi banking Sector Balance Sheet Growth

Banking Sector – Assets Breakdown – 1Q2017

Market Share of Total Banking Assets – 1Q2017

Saudi Banking Sector Balance Sheet Growth – 1Q2017

Banking Sector – Liabilities & Capital Breakdown – 1Q2017

Asset Market Share of Shariah-compliant Banks – 1Q2017

Source: SAMA

Source: Bloomberg

Saudi Banking Assets-LHS % Growth-RHS

In B

n SA

R

0%

5%

10%

15%

20%

25%

30%

-

500

1,000

1,500

2,000

2,500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1Q 2017

Cash In Vault

Deposits with SAMA

SAMA Bills

Foreign Assets

Loans to Private Sector

Loan to Gov & Quasi- Gov

Fixed Assets

OtherAssets

1%

10% 1%

10%

62%

10%

1%5%

NCB

Al Rajhi

Samba

Riyad

SAAB

Saudi Fransi

ANB

Alawwal Bank

SAIB

Alinma

Aljazira

Albilad

20%

15%

10%

10%

8%

9%

8%

5%

4%

5%3% 3%

Q1-2016 Q1-2017

Saudi Banking Assets-LHS % Growth (YoY)-RHS

In B

n SA

R

1.7%

1.8%

1.9%

2.0%

2.1%

2.2%

2.3%2.3%

-

500

1,000

1,500

2,000

2,500

1.9%

Deposits

Foreign Liabilities

Capital accounts

Other Liabilities 71%

4%

15%

10%

Al Rajhi

Alinma

Aljazira

Albilad

60%19%

11%

10%

June 2016





Deposits

Saudi banking deposits and money supply rose steadily at a

10-year CAGR of 8.4% and 8.5%, respectively. Total deposits

declined 0.01% YoY to SAR 1.608tn in 1Q2017 from SAR 1.609tn

in 1Q2016.

Demand deposits advanced 1.1% YoY to SAR 995.9bn in 1Q2017

compared to SAR 985.4bn in 1Q2016.

Of the total deposits, demand deposits account for 61.9% (up

from 60.2% in 4Q2016), whereas time and savings deposits

account for only 28.9%.

The breakdown of deposits shows that almost 78.7% of the

total deposits are held by individuals and 19.7% by government

entities.

Businesses and individuals hold 91.0% of the demand deposits,

while the government holds the remaining 9.0% (up from 6.3%

in 4Q2016).

With regard to time and savings deposits, businesses and

individuals hold nearly 55.6%, while government entities hold

44.4%.

Deposits Growth

Deposit Growth – 1Q2017

Deposits Break Down

Sector-wise Deposits

Demand Deposits Break Down

Times & Savings Deposit Break Down

Source: SAMA

In B

n SA

R

Deposits-LHS Money Supply(M3)-LHS % Growth in deposits-RHS

-5%

0%

5%

10%

15%

20%

25%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

1994

1995

1996

1997

1998

1999

2000

2001

20

02

2003

20

04

2005

20

06

2007

20

08

2009

20

10

2011

20

12

2013

20

14

2015

20

16

1Q 2

017

Bn

SAR

Demand-LHS Time & Savings-LHS Quasi-Monetary-LHS % Growth (YoY)-RHS

-0.59%

-0.01%

-0.70%

-0.60%

-0.50%

-0.40%

-0.30%

-0.20%

-0.10%

0.00%

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

1Q2016 1Q2017

Demand

Time & Savings

Quasi-Monetary 60.6%

28.9%

9.2%

Business and Individuals Government Entities Others

78.7%

19.7%

2%

9%

Business and Individuals Government Entities

91%

Business and Individuals

Government Entities 56%

44%

June 2016





Bank Deposits Growth

Deposits Market Share Comparison

Loans Growth

Loans Share According to Maturity Profile Loans Maturity- Growth

Source: SAMA

Source: Company Financials, Bloomberg

Al Rajhi Alinma ANB Albilad Aljazira Saudi Fransi

NCB Riyad Samba SAAB Alawwal Bank

SAIB

% Growth 1Q2016 1Q2017

1.8%18.4%

-0.1%

-0.9% -1.7%

11.7%

-3.8%

-7.0% -4.4%-6.8%

-6.1%-8.8%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

0

50

100

150

200

250

300

350

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 19.4%

18.9%

4.8% 5.1%

4.1% 4.9%

4.2% 3.9%

3.0% 3.0%

2.6% 2.6%

15.8% 16.3%

10.6% 10.3%

9.9% 9.3%

8.4% 9.5%

9.0% 8.5%

7.9% 7.9%

NCB

Al Rajhi

Samba

Riyad

Saudi Fransi

SAAB

ANB

Alawwal Bank

Alinma

SAIB

AlJazira

Albilad

1Q-2016

1Q-2017

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Loans % Growth-RHS

In B

n SA

R

1Q-2017 0

200

400

600

800

1,000

1,200

1,400

1,600

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1-2017 Q1-2016

Less than 1 Year 1 to 3 Years Over 3 Years

52% 49.9%

20.2% 18.7%

28% 31%

Less than 1 Year 1 to 3 Years Over 3 Years

Q1-2016 Q1-2017

734 702

284 263

390 442

-

200

400

600

800

1,000

1,200

1,400

1,600

In B

n SA

R

Decline7.4%

Growth

13.3%

Decline4.4%

Deposits – Breakdown by Bank

Alinma Bank recorded the highest growth (18.4% YoY) in

deposits, improving its’ market share from 4.1% to 4.9% in

1Q2017. Banque Saudi Fransi stood second, increasing the

deposit base by 11.7% YoY and market share to 9.5% in

1Q2017 from 8.4% in 1Q2016.

Saudi Investment Bank registered the biggest decline of

8.8% YoY in its deposit base, as deposits fell from SAR 71bn to

SAR 64bn and market share from 4.2% to 3.9% in 1Q2017. It

was followed by Riyad Bank, which saw its deposits fall 7.0%

YoY to SAR 154bn, causing its market share to fall to 9.3% in

1Q2017 from 9.9% in the same period of the previous year.

Al Rajhi Bank, the largest Shariah-compliant bank, recorded a

1.8% YoY rise in deposit base and an improvement in market

share from 15.8% to 16.3% in 1Q2017. NCB with deposits of

SAR 314bn (fall of 1.8%YoY) in 1Q-2017, saw it market share

decline to 18.9% from 19.4% in 1Q-2016. Alawwal Bank’s

deposits fell 6.1% YoY in 1Q2017, which reduced its market

share from 5.1% to 4.8%.

Loans

The total loan book of Saudi Arabia’s banking sector

declined 0.1% YoY to SAR 1.41tn toward the end of 1Q2017,

registering a 10-year CAGR of 10.8%.

About 49.9% of the loans extended have a maturity of less

than a year. Loans with a maturity of one to three years

posted a strong decline of 7.4% YoY, due to which its share

contracted from 20.2% in 1Q2016 to 18.7% in 1Q2017.

The high concentration of short-term loans in a rising

interest rate environment makes it easier for the banks to re-

price new loans.

June 2016





Sector wise Loans Distribution

Retail Loans-Break down

Real Estate Loans

Bank Market Share

Source: Company Financials

Source: SAMA

Manufacturing

Construction

Commerce

Services

Gov & Quasi Gov

Miscellaneous

12.5%

7%

21.6%

5%3%

50%

Credit Card Includes Retail Loans, acquired through credit cards

Home Renovation Vehicles Others Credit Cards/Total Retail Loans

Q12016 Q12017

10.5% 9.0%

77.6%

3.0%7.9% 8.9%

80.2%

3.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

In B

n SA

R

Retail Corporate % Growth-Total % Growth-Corporate % Growth-Retail

0%

10%

20%

30%

40%

50%

60%

0

50

100

150

200

250

2010 2011 2012 2013 2014 2015 2016 1Q2017

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%

NCB

Al Rajhi

Riyad

Saudi Fransi

Samba

SAAB

ANB

Alawwal Bank

Alinma

SAIB

Aljazira

Albilad

1Q-2017 1Q-2016

18.7%

15.4%

10.7%

8.8%

9.3%

9.2%

8.2%

5.5%

4.2%

4.3%

3.0%

2.6%

18.2%

16.5%

10.1%

9.2%

8.8%

8.6%

8.3%

5.1%

5.2%

4.3%

2.9%

2.8%

Loans Breakdown

The commerce sector is the largest borrower among all

sectors, accounting for 21.6% of total loans, followed by the

manufacturing sector (12.5% of total loans). The construction

sector, which ranks third, witnessed a decline in borrowing due

to which its share fell from 7.5% in 4Q2016 to 7.2% in 1Q2017.

Retail Loans

The sector’s retail loans [excluding real estate financing, finance

leasing, and financing against shares (margin lending)] edged

down 0.2% YoY (down 1.1% QoQ) to SAR 348.99bn in 1Q2017.

Loans for vehicles are the biggest constituent of retail loans,

accounting for almost 8.9% in 1Q2017. Loans for home

renovation financing accounted for 7.9% of total retail loans.

Of total retail loans, those acquired through credit cards

accounted for 2.99% in 1Q2017, a jump from 2.95% in 1Q2016.

Real Estate Loans

Starting 1Q2010, real estate loans registered a seven-year CAGR

of 22.3% standing at SAR 212.5bn in 1Q2017. The retail and

corporate sectors accounted for 52.9% and 47.1% of total real

estate loans, respectively.

Corporate-sector real estate loans rose 14.4% YoY to SAR

100.0bn in 1Q2017, whereas retail loan advanced 5.9% YoY

to SAR 112.5bn. However, corporate-sector loans witnessed

a decline in growth from 25.6% YoY in 1Q2016 to 14.4% in

1Q2017.

Bank-wise Market Share in Loans

The sector’s biggest lender, National Commercial bank (NCB),

witnessed a decline in market share to 18.2% in 1Q2017 from

18.7% in 1Q2016. Al Rajhi Bank, with the second largest market

share, witnessed an increase to 16.5% in 1Q2017 from 15.4% in

1Q2016. Alinma Bank was the second biggest gainer in terms

of market share (after Al Rajhi Bank) in the loan market, while

Saudi British Bank (SABB) was the biggest loser.

SABB’s market share accounted for 8.6% in 1Q2017, a drop from

9.2% in 1Q2016.

The market share of Shariah-compliant banks rose to 27.4% in

1Q2017 from 25.3% in 1Q2016. This was primarily led by Al Rajhi.

Among other Shariah-compliant banks, Alinma’s market share

increased from 4.2% in 1Q2016 to 5.2% in 1Q2017. In addition,

Bank Albilad witnessed a marginal increase in market share from

2.6% in 1Q2016 to 2.8% in 1Q2017. However, Bank AlJazira’s

market share declined from 3.0% in 1Q2016 to 2.9% in 1Q2017.

June 2016





Bank Loans Distribution

Performing Loans to NPLs

ADR ratio




SAIB

Q1-2016 Q1-2017 % growth

5.9%

22.3%

0.0%

3.6%

-4.2%

3.7%

-4.0%

-7.0%

-6.1%-8.0%

-8.8%-2.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

50

100

150

200

250

300

In B

n SA

R

NPLs-Industry Average Q1-2017 , 1.3%

NPLs-Industry Average Q1-2016 , 1.1%

Performing Loans-Q1-2017 Non-performing Loans-Q1-2017 % Share of NPLs-RHS

NPLs-Industry Average Q1-2017 NPLs-Industry Average Q1-2016

1.01

%

0.91

%

1.4%

0.96

% 1.2% 1.

40%

1.6%

0.80

%

0.85

%

1.3%

2.4%

1.77

%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

-

50

100

150

200

250

300



SAIB

In B

n SA

R

87% 92

%

90%

91%

85%

83%

83% 93

.3%

74.1

%

87% 91

%

95.2

%

83%

89% 90

%

87%

87%

90%

83% 93

%

75.4

% 88% 93

%

89%

0%

20%

40%

60%

80%

100%

Al Rajhi Alinma ANB Albilad AlJazira Saudi Fransi


SAIB

Q12017 ADR Q12016 ADR

Among the 12 banks in the sector, five registered a YoY increase in gross loans.

Alinma Bank registered the strongest growth of 22.3% YoY in its loan book in 1Q2017, which helped it increase its market share.

Al Rajhi, with a 5.9% YoY growth in gross loans, was the second best performer. Alawwal Bank, which saw its gross loans declined 8.8% YoY in 1Q2017, was the worst performer, followed by the Saudi British Bank (down 8.0% YoY). Albilad witnessed the slowest growth in loans (3.6% YoY).

Shariah-compliant banks showed an average growth rate of 6.9% YoY in gross loans in 1Q2017.

Non-Performing Loans

The sector’s non-performing loan ratio in 1Q2017 stood at 1.27% compared to 1.15% in 1Q2016. The NPL coverage ratio improved to 177% in 1Q2017 from 170% in 1Q2016.

Riyad Bank and SAMBA, with NPL ratios of 0.80% and 0.85%, respectively, are the best in the industry. The NPL coverage of Riyad Bank and SAMBA stood at 251% and 181%, respectively, in 1Q2017.

Alawwal Bank had the highest NPL ratio of 2.40% and its NPL coverage ratio stood at 135% in 1Q2017. Riyad Bank registered the greatest improvement in NPL coverage from 144% in 1Q2016 to 251% in 1Q2017, while Saudi Investment Bank posted the biggest drop in NPL coverage ratio from 211% in 1Q2016 to 94% in 1Q2017.

Advances to Deposit Ratio

The industry ADR ratio remained flat at 86.1% in 1Q2017 as total gross loans declined 1.2% while deposits saw a similar decline.

Saudi Investment Bank posted the highest ADR of 95.2%, followed by Riyad Bank at 93.3% in 1Q2017. Samba recorded the lowest ADR of 74.1% in 1Q2017 compared to 75.4% in 1Q2016.

Notably, the Saudi Arabian Monetary Agency (SAMA) increased the regulatory ADR limit to 90% from 85%.

June 2016





NIMS

Absolute Cost on Saving and Time Deposits

Lending rates

Operating Income BreakdownCompany-wise Operating Income


Source: Company Financials, Bloomberg

0.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%



SAIB

Q12016 Q12017

10%

60%

36%

44%

23%

68%

-10%

1%

45%

8%

17%

36%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

-

100

200

300

400

500

600

700



SAIB

IN M

n SA

R

Q12016 Q12017 % Change

1.21

%

1.20

%

1.08

%

1.04

%

2.03

%

1.07

%

1.62

%

1.08

%

1.11

%

1.03

%

1.12

%

1.15

%

1.28

%

1.35

%

1.27

%

1.22

%

2.36

%

1.23

%

1.62

%

1.28

%

1.35

%

1.24

%

1.37

%

1.43

%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%



SAIB

Q1-2016 Q1-2017

1Q 2016

1Q 2017

43.1%

33.2%

17.9%

3.6%

2.1%

42.5%

30.3%

17.8%

4.0%5.3%

Retail

Corporate

Treasury

Investment Services and Brokerage

Others

(1,000)

-

1,000

2,000

3,000

4,000

5,000

6,000



SAIB

In M

N S

AR

Retail Corporate Treasury OthersInvestment Services and Brokerage

NIM

Of the 12 banks, only three posted a decrease in its net interest margin (NIM).

Saudi Investment Bank recorded the greatest drop in NIM from 0.51% in 1Q2016 to 0.38% in 1Q2017, followed by NCB (0.43% to 0.32%). Al Rajhi Bank registered the largest increase in NIM. Its NIM rose by 0.27% in 1Q2017 to 0.47% from 0.20% in 1Q2016. Overall, the sector’s return on savings and time deposits increased 19% YoY in 1Q2017 compared to 103% YoY in 4Q2016.

NCB reported the highest cost of SAR 861mn in 1Q2017 on savings deposits compared to SAR 961mn in 1Q2016, a decrease of 10.4% YoY. The highest jump in return on deposit was posted by Banque Saudi Fransi at 68.3% YoY.

NCB recorded the highest return on time and savings deposits at 1.30%, followed by SAIB at 1.05%.

Saudi British Bank’s return on time and saving deposits of 0.48% was the lowest in the market, followed by Albilad (0.59%).

Operating Income Breakdown

The sector posted an operating income of SAR 21.6bn in 1Q2017 compared to SAR 20.9bn in 1Q2016, depicting a 3.3% YoY jump.

Retail accounted for 43.1% of the total operating income in 1Q2017 compared to a share of 42.5% in 1Q2016. Retail income increased 4.8% YoY.

The corporate sector’s contribution advanced 2.9% from 30.3% in 1Q2016 to 33.2% in 1Q2017. Earnings from the corporate sector stood at SAR 7.2bn.

Treasury income rose 4.0% YoY, whereas investment income declined 8.3% YoY. Other income contracted 58.3% YoY.

NCB, with an operating income of SAR 4.9bn, contributed 22.5% to total sector earnings in 1Q2017, followed by Al Rajhi’s contribution of 17.9% (earnings of SAR 3.9bn).

Asset Management | Brokerage | Corporate Finance | Custody | Advisory

Head Office: King Fahad Road, P.O. Box: 20438, Riyadh 11455, Saudi Arabia، Tel: 011 2256000 - Fax: 011 2256068

Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37

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Disclaimer

AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business.

1. Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months.

2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months.

3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months.

4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.

The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations.

Acting Head of Research

Talha Nazar +966 11 [email protected]

AnalystSultan Al Kadi, CAIA+966 11 [email protected]

Analyst

Jassim Al-Jubran +966 11 [email protected]

Analyst

Waleed Al-jubayr+966 11 [email protected]

Analyst

Muhanad Al-Odan+966 11 [email protected]

General Manager – Brokerage Services &

sales

Alaa Al-Yousef+966 11 [email protected]

AGM-Head of international and institutional

brokerage

Luay Jawad Al-Motawa +966 11 [email protected]

AGM- Head of Western and Southern Region Investment

Centers

Mansour Hamad Al-shuaibi +966 12 [email protected]

AGM-Head of Sales And Investment Centers

Central Region

Sultan Ibrahim AL-Mutawa +966 11 [email protected]

AGM-Head of Qassim & Eastern Province

Abdullah Al-Rahit +966 16 3617547 [email protected]

Saudi Banking Sector – 1Q 2017 - Aljazira Capital Banking Sector – 1Q 2017 In 1Q2017, the...

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Transcript of Saudi Banking Sector – 1Q 2017 - Aljazira Capital Banking Sector – 1Q 2017 In 1Q2017, the...