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QNBK Digital-First Expansion In Egypt And Saudi Arabia Will Drive Stronger Outlook

Analysts Lift Qatar National Bank Price Target After Digital Expansion and Stronger Revenue Outlook

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QNBK
AnalystConsensusTarget
Not Invested
Published 07 Nov 2024

Update shared on 08 Dec 2025

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Analysts have nudged their price target for Qatar National Bank (Q.P.S.C.) slightly higher to QAR 21.66, citing a steady outlook for revenue, profit margins, and valuation multiples that supports maintaining the bank's fair value assessment.

What's in the News

  • Qatar National Bank issued earnings guidance for 2025, warning that a 1% full year decline in interest rates could reduce net interest income by QAR 600 million to QAR 800 million if no mitigating actions are taken (corporate guidance).
  • QNB Group received license approval from the Central Bank of Egypt for ezbank, a digital first banking entity focused on financial inclusion and AI driven, mobile first services to support Egypt's digital economy (regulatory compliance).
  • QNB Group secured license approval from the Saudi Central Bank, in cooperation with Ajlan and Bros. Holding, to launch ezbank in Saudi Arabia with capital of SAR 2.5 billion, expanding its digital first banking footprint across key regional markets (business expansion and regulatory compliance).
  • QNB Group, Standard Chartered and DMZ Finance launched the QCD Money Market Fund, the first regulated tokenized money market fund in the DIFC, positioning QNB at the forefront of Real World Asset tokenization and digital asset collateral solutions in the Middle East (product related announcement).

Valuation Changes

  • Fair Value: Unchanged at QAR 21.66 per share, indicating no revision to the core valuation outlook.
  • Discount Rate: Edged down slightly from 20.31 percent to 20.31 percent, reflecting a marginally lower implied risk premium in the model.
  • Revenue Growth: Essentially unchanged at around 14.99 percent, suggesting no material shift in projected top line expansion.
  • Net Profit Margin: Remained effectively stable at approximately 44.22 percent, with only a negligible upward adjustment in the modelled margin.
  • Future P/E: Eased marginally from 14.75x to 14.75x, pointing to a very small reduction in the forward valuation multiple embedded in forecasts.

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