Doha-Mubasher: Watani Investment Company (NBK Capital) set the fair value (FV) of Doha Bank at QAR 69.10, with the recommendation “Buy”, according to a recent report.

NBK Capital noted that the bank’s net profit slightly rose by 5% to QAR 420 million year-on-year (y-o-y) in the first quarter of 2015 amid higher operating income and lower provisioning.

Total operating income advanced 2% y-o-y, but it was 5% lower than the financial services firm’s estimates.

The Qatar-listed bank’s loans grew by 4.7% on a quarterly basis, slightly higher than the company’s forecast.