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Credit Suisse upgrades Saudi banks
- Saudi Arabia: Sunday, September 27 - 2009 at 09:46
Credit Suisse has upgraded six Saudi Arabian banks as it expects a 16% year-over-year net income growth from them during the second half of the year, Reuters has reported. The anticipated growth was attributed to the lenders' low base aggregate earnings during the second half of 2008. Among the banks upgraded by the brokerage are Al-Rajhi Bank and Riyad Bank which were raised to 'outperform' from 'neutral' and Arab National Bank to 'neutral' from 'underperform.' Credit Suisse has also named Samba Financial Group as its top pick in the sector and raised the stock to 'outperform' from 'neutral.'
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StaffSunday, September 27 - 2009 at 09:46 UAE local time (GMT+4)
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