Al-Rajhi increased its final 2017 cash dividend to SAR2.5 from SAR2.0 in 2016, an increase of 25%. This is higher than our estimate of SAR1.75. The bank had hiked its interim DPS to SAR1.5 for 1H17 from SAR0.75 for 1H16.
Shabbir Malik
Al-Rajhi Bank: SAR74.04 as of 15 Feb. 2018, Rating: Buy, TP: SAR80.00/share, MCap: USD32,084mn, RJHI AB/1120.SE
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