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QNBK: Digital Expansion Into Egypt And Saudi Arabia Will Fuel Earnings Momentum

Update shared on 24 Nov 2025

Fair value Increased 0.28%
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Analysts have raised their price target for Qatar National Bank (Q.P.S.C.) slightly from QAR 21.60 to QAR 21.66, as a result of modest improvements in profit margin, along with a fine-tuning of discount rate and revenue growth expectations.

What's in the News

  • Qatar National Bank (Q.P.S.C.) shared its 2025 guidance, stating that if interest rates decline by about 1% on a full-year basis, net interest income may decrease between QAR 600 million to QAR 800 million, assuming no mitigating actions are taken (Corporate Guidance).
  • QNB Group received license approval for its digital-first banking entity, ezbank, from the Central Bank of Egypt, advancing efforts for financial inclusion and digital transformation in Egypt (Regulatory Authority and Compliance).
  • The bank also obtained license approval for ezbank from the Saudi Central Bank (SAMA), in partnership with Ajlan & Bros. Holding, with capital of SAR 2.5 billion, expanding its digital banking footprint in Saudi Arabia and supporting broader economic growth (Regulatory Authority and Compliance).
  • QNB Group, alongside Standard Chartered and DMZ Finance, launched the QCD Money Market Fund, the DIFC's first regulated tokenized money market fund, setting a benchmark for real world asset tokenization in the Middle East (Product-Related Announcements).

Valuation Changes

  • Consensus Analyst Price Target: increased slightly from QAR 21.60 to QAR 21.66.
  • Discount Rate: declined marginally, moving from 20.33% to 20.31%.
  • Revenue Growth: edged down from 15.04% to 14.99%.
  • Net Profit Margin: improved slightly from 44.17% to 44.22%.
  • Future P/E: rose modestly from 14.53x to 14.75x.

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