GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.5 3,084,810
DAMAC 3.84 686,475
ALKHODARI 10.04 34,083
DANA 0.6 9,001,191

Commercial Bank of Qatar

Source: Taib Bank

Quarterly Result Update

• Commercial Bank of Qatar (CBQ) reported total operating income of QAR 1,415 million during 1H11, up 13.8% YoY.
• Net profit increased 16.8% YoY to QAR 956 million.
• We have revised our FY2011E operating income downwards by 4.7%, revising our estimates for investment income lower. Accordingly, our net profit estimate stands 1.8% lower.
• We are reiterating our OVERWEIGHT recommendation on CBQ with a target price of QAR 100.00, implying an upside of 23.3%.

Operating Income
During 1H11, CBQ delivered strong net operating income of QAR 1,415 million, up 13.8% from QAR 1,243 million in the same period in 2010. Interest income declined 5.4% YoY to QAR 1,313 million, while interest expenses fell 23.1% YoY to QAR 451 million. Consequently, net interest income grew 7.5% to QAR 861.26 million.

Net Profit
Net profit grew 16.8% YoY to QAR 955.59 million from QAR 818.30 million. Accordingly adjusted annualised earnings per share (EPS) increased to QAR 7.72 from QAR 6.61 in 1H10.

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