Doha – Mubasher: NBK capital, the investment arm of National Bank of Kuwait, recommended “Hold” on Qatar Islamic Bank (QIB), setting the fair value at QAR 107.30.
The financial services firm said that QIB’s operating revenues jumped 26% year-on-year in the first quarter, making an operating income of QAR 4.51 billion, with a rise of 24% y/y, comfortably beating NBK’s forecasts.
QIB’s asset quality continued to be very good, as non-performing loans (NPL) stood under 1% by the end of 2015, and was covered by 113% compared to a 115% coverage in September 2015.
QIB posted a return on equity of QAR 1.95 billion in 2015, versus QAR 1.6 billion in 2014, with a growth of 22%.
Earnings per share reached QAR 8.27 last year, compared to QAR 3.78 in 2014.
