Quarterly Result Update

• Doha Bank reported 21.4% YoY increase in total operating income to QAR 600.59 million in 1Q11.
• Net profit was up 15.2% YoY to QAR 362.97 million in 1Q11.
• We have reduced our FY2011E total operating income by 1.8%, incorporating lower fee and commission income. However, our net profit estimate stands revised 2.0% higher, expecting lower provisioning than forecasted previously.
• We are maintaining our earlier OVERWEIGHT recommendation on Doha Bank with a target price of QAR 70.00, implying an upside of 28.2%.

Net Profit
Net profit for the reporting quarter improved 15.2% to QAR 362.97 million from QAR 315.03 million in 1Q10. Accordingly, adjusted annualised EPS rose to QAR 7.02 from QAR 6.10 in the year-ago period.

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