QNB sets a PT for QIB’s stock at QAR 104

Doha – Mubasher: Qatar National Bank (QNB) has set its price target (PT) for Qatar Islamic Bank's (QIB) stock at QAR 104, after QIB reported positive financial results for the first quarter of 2017.

The PT is 2.9% higher than the stock's closing price of QAR 101.10 on Monday , QNB's research note issued on Monday showed.

QIB's net loans grew 1.4% year-on-year reaching QAR 99.15 billion in Q1-17, while deposits rose 9% to QAR 103.94 billion.

QIB's net profits are expected to reach QAR 2.1 billion by the end of 2017 compared to QAR 1.966 billion in 2016, and QAR 2.195 billion by the end of 2018, and around QAR 2.707 billion by the end of 2019.

QIB’s profits grew 12.8% to QAR 555 million in Q1-17, compared to QAR 492 million in Q1-16.

At the end of January, QNB set QIB’s PT at QAR 104.

QIB’s stock closed Monday down,dropping  0.39% to QAR 101.55, 10 with 82,341 shares traded at a value of QAR 8.36 million.

Mubasher Contribution Time: 17-Apr-2017 15:52 (GMT)
Mubasher Last Update Time: 17-Apr-2017 15:52 (GMT)