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Beltone sets FV of QNB Al Ahli at EGP 55.05/shr

Beltone sets FV of QNB Al Ahli at EGP 55.05/shr
QNB Al Ahli’s net interest income grew to EGP 3.848 billion
QNB Al Ahli
QNBA
-6.62% 32.02 -2.29

Cairo – Mubasher: Beltone Research has set the fair value (FV) of Qatar National Bank Al Ahli (QNB Al Ali) at EGP 55.05 per share, compared to a current price of EGP 40.5 per share, with a ‘buy’ recommendation.

Higher net interest income has countered the impact of the novel coronavirus (COVID-19) outbreak on the value of assets, the research firm said in a report on Tuesday.

In addition, the decline in cost of deposits also boosted net interest margin.

During the first quarter of 2020, the lender posted net profits of EGP 1.86 billion, down from EGP 2.02 billion in the year-ago period, including minority shareholders’ rights.

QNB Al Ahli’s net interest income grew to EGP 3.848 billion in Q1-20, compared to EGP 3.213 billion in the corresponding period a year earlier.