Mubasher: NBK Capital, the investment arm of National Bank of Kuwait, placed a “Hold” recommendation on Doha Bank, setting the stock’s fair price at QAR 55.30.

The bank’s preliminary results matched forecasts, NBK Capital said, adding that the third quarter’s profits fell by 2% year-on-year.

Doha Bank’s operating income declined by 2% y-o-y but rose by 2% q-o-y, which came broadly in line with NBK Capital expectations.

The bank posted 0.66% growth in net profit for the first nine months of 2015 to QAR 1.142 billion, up from QAR 1.1344 billion in the same period a year ago.

The lender’s third-quarter profit netted QAR 341 million, compared with QAR 347.4 million in the third quarter of 2014.

H1 net profit amounted to QAR 801 million, up from QAR 787 million in the prior-year period.