Cairo – Mubasher: NBK Capital said Wednesday it reinitiated coverage of QNB Al Ahli, which is 97% owned by Qatar National Bank, with a ‘Buy’ recommendation, setting the stock’s fair value at EGP 34.40, with 15% upside potential to its last market price of EGP 30.0.
QNB Al Ahli is the second largest private sector bank and the fourth largest bank in Egypt in terms of assets, and had a market share of roughly 8% in terms of loans and 6% by deposits as of September 2015.
With the business oriented heavily towards corporate banking (79% of loans), QNB ALAHLI benefits from a huge distribution network (181 branches), and the largest among the private sector banks in Egypt.
