Cairo - Mubasher: NBK Capital MENA Research maintained its Buy recommendation on the stock of QNB Alahli, while also kept its fair value at EGP 34.4 per share.
The recommendation came on the lender's very strong set of results, with the net interest income, operating income, and loan growth higher than NBK Capital's forecast while net profit for the full year came broadly in line with forecast.
QNB Alahli reported net profits of EGP 870 million for the fourth quarter of 2015.
The lender's Operating income reached EGP 1.75 billion in Q4-FY15, soaring 31% y-o-y on the back of higher net interest income.
Net interest income increased slightly in Q4 more than 10 bps QoQ, driven by higher asset yields.
Meanwhile, Loans grew 7% q-o-q, driven primarily by corporate lending, taking the full year growth to 26%, higher than NBK Capital's expectation and management’s guidance.
