Mubasher: Qatar National Bank (QNB) on Thursday has maintained its target price (TP) of Qatar Islamic Bank’s (QIB) at QAR 104 per share, buoyed by the announcement of the lender’s fourth-quarter financial results.
The new PT is 6.1% above the Islamic bank's current trading price, which was last seen at QAR 98.47 at 12:45pm Qatar time, according to QNB's report.
QIB’s net profit hiked 14.4% to QAR 635 million in the fourth quarter of 2017 from QAR 555 million at the same period the previous year, the bank’s report showed.
Profits of the Gulf state's largest sharia-compliant lender by assets rose 11.6% to QAR 2.405 billion in 2017 versus QAR 2.155 billion a year earlier.
The lender’s net operating income decreased 1.6% to QAR 650.9 million, the data added.
QIB’s total revenue declined 13.9% quarter-on-quarter registering QAR 925.6 million due to the drop of both the net interest and the investment income, according to the recent report.
