Quarterly Result Update

• Doha Bank reported robust half-yearly operating income of QAR 1,180.36 million, up 11.5% YoY.
• Net profit was up 14.3% YoY to QAR 702.32 million in 1H11.
• We have increased our FY2011E total operating income by 2.3%, incorporating higher net interest income. Our net profit estimate remains unchanged, factoring higher expenses.
• We are maintaining our earlier OVERWEIGHT recommendation on Doha Bank with a target price of QAR 72.00, implying an upside of 19.4%.

Operating Income
During 1H11, total operating income increased 11.5% to QAR 1,180.36 million from QAR 1,058.64 million in 1H10. Interest income declined 7.6% to QAR 1,054.27 million from QAR 1,141.07 million, while total interest expenses fell 49.2% YoY to QAR 271.79 million from QAR 535.29 million in the same period prior year. Accordingly, net interest income rose 29.2% YoY to QAR 782.48 million. Net income from Islamic financing and investment activities grew 25.1% to QAR 93.38 million from QAR 74.66 million during the year-earlier period. Net premium earned from insurance operations increased 19.2% YoY to QAR 14.50 million, while net fees and commission income declined 21.2% YoY to QAR 177.01 million from QAR 224.75 million. Meanwhile, dividend income increased 11.4% YoY to QAR 14.85 million, while net gain on sale of financial investments was recognised at QAR 43.88 million, rising 121.2% YoY. Overall, other income declined 20.0% YoY to QAR 113.00 million.

Net Profit
Net profit for the reporting period increased 14.3% to QAR 702.32 million from QAR 614.71 million in 1H10. Accordingly, adjusted annualised EPS rose to QAR 7.02 from QAR 6.10 in the year-ago period.

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