Albilad Capital stated in a report that Al Rajhi Bank recorded a decline in its annual and quarterly profit due to the increase in operating expenses. Q4 profit reached SAR 1,547 million , falling 19.05% compared with SAR 1,911 million in year-earlier period. FY13 net earnings also decreased 5.67% y/y from SAR 7,885 million to SAR 7,438 million . The report issuer expects the bank will record profit growth in 2014, supported by the tapering of the quantitative easing from the US Federal Reserve, which will slightly widen the bank`s spread. Therefore, Albilad maintained the stock's fair value at SAR 86.12 , with an 'Overweight' rating.; All Rights Reserved - Mubasher Info
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