Profitable, but no growth yet

Doha Bank's 1Q11 numbers comfortably beat our expectations, largely due to a decline in the cost of funding. Although we believe this is sustainable, we trim our longer-term forecasts on weak growth, and retail banking uncertainty.

Stronger than expected earnings, driven by falling liability yields
Doha Bank’s 1Q11 headline net income of QR363m was up 128% qoq and beat our expectations by 22%. The improvement was largely due to better investment income, and a sharp fall in costs and provisioning. However, this was as all as expected, with the surprise coming from continued strong net interest income, driven by the re-pricing of fixed interest deposits, something which Doha Bank believes will continue for at least two quarters.

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