Samba seen as top bank pick

Riyadh: Arqaam Capital said it "strongly" reiterated its "buy" recommendation on Samba Financial Group (Samba) and that the lender is it's top Saudi Arabian bank pick. Samba will likely post a seven per cent increase in earnings per share this year and is well positioned for future demand for corporate lending, Arqaam analyst Jaap Meijer and Michael Malkoun wrote in a note.

Saudi Arabia's $657 billion economy will grow 4.2 per cent this year according to the median forecast of 15 economists compiled by Bloomberg. Bank lending to the private sector rose 15.5 per cent in March, according to data from the central bank.


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