Riyad Bank: 2Q26 – resilient P&L and almost flat BS

Research evidence excerpt

Riyad Bank: 2Q26 – resilient P&L and almost flat BS

EEMEA - Financials Coverage Cluster

Investment rating Company BofA Ticker Bloomberg symbol Analyst

Sanlam SLMAF SLM SJ Harry Botha

Saudi National Bank XBYNF SNB AB Olga Veselova

NEUTRAL

Absa Group Ltd AGRPF ABG SJ Harry Botha

Abu Dhabi Commercial Bank XBUDF ADCB UH Olga Veselova

Akbank XHRAF AKBNK TI David Taranto

Bank Albilad XBPQF ALBI AB Olga Veselova

Banque Saudi Fransi XRDCF BSF AB Olga Veselova

Dubai Islamic Bank XUIBF DIB UH Olga Veselova

First Abu Dhabi Bank XNBUF FAB UH Olga Veselova

Garanti Bank TKGBF GARAN TI David Taranto

Isbank TYIBF ISCTR TI David Taranto

Nedbank Group Ltd NDBKF NED SJ Harry Botha

OTP Bank OTPBF OTP HB David Taranto

Qatar Islamic Bank XQATF QIBK QD Rahul Rajan, CFA

Riyad Bank XRYDF RIBL AB Olga Veselova

Saudi Awwal Bank XBUAF SABB AB Olga Veselova

Saudi Tadawul Group XTAWF TADAWULG AB Rahul Rajan, CFA

Standard Bank SBGOF SBK SJ Harry Botha

Yapi Kredi Bank YVKBF YKBNK TI David Taranto

UNDERPERFORM

Discovery DCYHF DSY SJ Harry Botha

Halkbank THBIF HALKB TI David Taranto

Komercni Banka KMERF KOMB CP David Taranto

Kuwait Finance House XKFHF KFH KK Rahul Rajan, CFA

National Bank of Kuwait XPOBF NBK KK Rahul Rajan, CFA

Old Mutual Limited ODMUF OMU SJ Harry Botha

Old Mutual Limited XOMLF OMU LN Harry Botha

Santam XSLNF SNT SJ Harry Botha

Vakif Bank TKYVF VAKBN TI David Taranto

iQmethod SM Measures Definitions

Business Performance Numerator Denominator

Return On Capital Employed NOPAT = (EBIT + Interest Income) × (1 − Tax Rate) + Goodwill Amortization Total Assets − Current Liabilities + ST Debt + Accumulated Goodwill

Amortization

Return On Equity Net Income Shareholders’ Equity

Operating Margin Operating Profit Sales

Earnings Growth Expected 5 Year CAGR From Latest Actual N/A