Doha – Mubasher: Qatar National Bank (QNB) has maintained its price target (PT) of Qatar International Islamic Bank (QIIB) at QAR 63 per share, according to a report.
The new PT is 530% above the Islamic bank's nominal value of QAR 10 and 8.7% below its current trading price, which was last seen at QAR 69 at 9:50am Qatar time.
QNB's report follows QIIB's announcement of a mild profit growth in 2016.
QIIB's disclosure showed a slight rise in profits in 2016 by 0.122% to QAR 784.8 million from QAR 784.2 million achieved in 2015.
The Qatar-listed bank's total revenues for FY16 reached QAR 1.7 billion, while its financing portfolio grew 9% in 2016 to QAR 27.2 billion from QAR 25.0 billion, according to a bourse filing released earlier Thursday.
Earnings per share (EPS) amounted to QAR 5.18 for the period ended 31 December, 2016, unchanged from EPS announced in 2015, the Islamic bank said in a statement.
