Al-Istithmar Capital has stated in a report that Q1-13 earnings of Bank AlJazira reaching SAR 159 million were lower than its estimates of SAR 173.4 million.

The report issuer recommended ‘Sell’ on the stock, defining the target price at SAR 31.9.

The bank made SAR 159 million net profit in Q1, with an increase of 10% compared with SAR 150 million in the previous quarter of 2013.