Mubasher: Qatar National Bank (QNB) Financial Services on Thursday has raised Commercial Bank of Qatar’s (CBQ) price target at QAR 35 per share, up from QAR 29 a share.

QNB also maintained CBQ’s market perform rating, adding that “CBQK is trading at a 2018e P/TB and P/E of 0.9x and 12.2x, respectively.” 

The brokerage and custody services firm noted that CBQ’s positive results for the first quarter of 2018 may fuel further momentum on the trading of the lender's share.

CBQ’s profits hiked 345% to QAR 405 million in Q1-18, from QAR 91 million during in the same quarter a year earlier.

Net revenues of Qatar's third-largest lender by assets rose 10.1% to QAR 659 million in the three-month period ended 31 March, 2018 compared to QAR 599 million in Q1-17 due to the lending growth.

Non- performing loans declined 5.30% year-on-year to QAR during in the first quarter of 2018.

By 12:45 pm Qatar time, CBQ’s stock went up 0.28% to QAR 35.30.