Qatar - Mubasher: Qatar National Bank (QNB) has cut its target price (TP) for Masraf Al Rayan from QAR 49 per share to QAR 40 per share.

QNB set accumulation recommendation for Masraf Al Rayan.

QNB said it slashed Masraf Al Rayan's target price on the anticipations of the slowdown of the lender's net interest income by 5.6% for 2015 on the weak loans growth.

Meanwhile, QNB attributed the cut of Al Rayan's TP to the negative outlook for banking sector in 2016, on the continuous drop of the oil prices and increased cost of credit.

Masraf Al Rayan reported net profits of QAR 1,514 million for the first nine months of 2015, up 6.1% from QAR 1,426.5 million for the similar period a year earlier.