Doha – Mubasher: Watani Investment Company (NBK Capital) decreased the fair value of Qatar National Bank (QNB) to QAR 185.70 from QAR 222.80 with a “Buy” recommendation.
NBK Capital, the investment arm of National Bank of Kuwait, said that the decrease was a result to QNB’s move to distribute bonus shares at 20% of the bank’s capital.
QNB’s ordinary general meeting approved last Sunday a proposal to distribute cash dividends at 35% and 20% of the bank’s capital, which will increase the number of shares to 839.7 million from 699.7 million.
The research firm said that the “Buy” recommendation is extended on back of the new fair value that reflects an upside potential of 38%.
QNB’s profit of 2015 rose by 8% to QAR 11.3 billion, versus QAR 10.5 billion in 2014.
The share edged up 0.51% or QAR 0.70 to QAR 137.30 in today’s mid-trading.
Translated by: Elwy el-Manzalawy
