Cairo – Mubasher: Pharos Research has set the fair value (FV) of Qatar National Bank Al Ahli’s (QNB Al Ahli) stock at EGP 50.4 per share, with an ‘Overweight’ recommendation.

The stock is expected to rise if the bank inclined to raise free-float shares to 10%, the research firm added in a report on Wednesday.

Earlier this day, QNB Al Ahli reported an EGP 2.022 billion in consolidated profits of for the first quarter of 2018, up 2.6% year-on-year from EGP 1.6 billion, including minority shareholders’ right.

The bank’s net income increased to EGP 3.2 billion in Q1-19, versus EGP 2.28 billion in Q1-18.