Qatar National Bank (QNBK.QA): 2Q26 conference call takeaways

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Qatar National Bank (QNBK.QA): 2Q26 conference call takeaways

Equity Research

20 July 2026 | 3:24PM GST

We believe the share price reaction is likely to be broadly neutral following the Ashwath P T, CFA

+971(4)376-3439 | ashwath.pt@gs.com

2Q26 earnings call. Management maintained all key FY26 guidance metrics Goldman Sachs International

despite the recent geopolitical disruption, reiterating expectations for 5-7% net Kazim Andac

profit growth, 6-8% balance sheet growth, 75-80bps cost of risk and a +971(4)214-9958kazim.andac@gs.com|

2.60-2.65% NIM. While management acknowledged slower loan growth Goldman Sachs International

Gokul Vinayak Lmomentum in Qatar and a softer macro backdrop due to disruptions to LNG +1(332)245-7976 | gokul.l@gs.com

production and trade flows, it highlighted that transaction pipelines remain Goldman Sachs India SPL

intact and growth should resume once conditions stabilize. Importantly,

management continues to see limited direct impact on asset quality given QNB’s

corporate-focused loan book supporting its unchanged credit cost outlook.

Overall, we expect limited changes to consensus earnings forecasts.

QNB is a dominant franchise in Qatar with pricing power and resilient NIMs in its

domestic business, in our view. While we acknowledge there could be some pressure

over the near term due to the conflict in the region, we think the medium- to

long-term prospects remain robust, with QNB Turkey providing a tailwind to Group

earnings over the medium to long term. We therefore forecast: i) resilient NIMs over

2025-27 for the Group, coupled with ii) strong opex control and iii) robust asset

quality. We see the bank generating a sustainable ROTE of 16%. On valuation, the

stock looks attractively priced at 1.3x 12mf P/TB (c.25% discount to 10Y history),