Jul 12 2011 |
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MARKET TALK:Al Rajhi 2Q Positive Despite Muted Income Generation -CAPM
Tuesday, Jul 12, 2011
0750 GMT [Zawya Dow Jones]--CAPM Investment views Al Rajhi Bank 's 2Q results Monday as positive despite a muted operating performance on the income generation front. "While we await the detailed financials to look at the provisioning efforts in 2Q 11, we believe that the stock will find support aided by the recommended dividend distribution of SAR1.25 per share for 1H 11 which implies an annualized dividend yield of about 3.3%," it adds. Notes the bank is sitting in a comfortable liquidity position, which coupled with favorable macro environment in the kingdom will reflect positively on Al Rajhi operating income in the future periods. Shares closed Monday +0.3% at SAR75.5.
(tim.falconer@dowjones.com)
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
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