Beltone Financial set the fair value of QNB Al Ahli, subsidiary of Qatar National Bank, at EGP 43, with 34.4% upside potential to its market price, reiterating a Buy recommendation.
The bank posted consolidated net profit of EGP 1.1 billion for H1-14, with 15% growth compared with EGP 950 million net profit reported in the same period a year earlier.
Standalone financial results for H1-14 showed EGP 1.028 billion net profit, representing a rise by 10% from EGP 935.7 million net profit in H1-13.
According to Beltone, the bank reported strong financial results with solid growth year-over-year for revenues and earnings, which came in line with its forecasts.
Beltone added that the growth by 9.5% in lending rates was the key aspect in the quarter, backed by corporate lending growth, especially in the industrial, commercial and services segments.
Beltone also has a positive outlook for the bank’s asset quality, helped by the halt in growth of bad loans.