Riyadh-Mubasher: NBK Capital, the investment arm of National Bank of Kuwait (NBK), said Samba Financial Group remains its top pick among Saudi banks.

The research firm recommended 'Buy' on the stock, setting the fair value at SAR 32.5 compared to the last close price of SAR 23.42 before the evaluation, with a potential side of 38.8%.

Samba's Q3 net profit increased by 7% year-on-year and 3% quarter-on-quarter to SAR 1.37 billion on higher operating income.

Total operating income came in line with NBK Capital's forecasts (1% higher), increasing 8% year-on-year and 2% quarter-on-quarter to stand at SAR 1.99 billion in Q3-15. The annual operating income growth was driven by higher non-interest income.