Qatar Islamic Bank QPSC Post 2Q26: Lower target to QAR23.5

研报英文原文证据摘录

Qatar Islamic Bank QPSC Post 2Q26: Lower target to QAR23.5

Global Research

21 July 2026ab

Qatar Islamic Bank QPSC Equities

QatarPost 2Q26: Lower target to QAR23.5

Banks, Ex-S&L

12-month rating Neutral

Post 2Q26: Minor NIM revisions take target down slightly to QAR23.5

QIB reported 2Q26 net profit of QAR1,240m, up 4% YoY and 7% above VA consensus 12m price target QR23.50

driven by a 7% beat on NII and 13% beat on non-II, partly offset by higher costs and Prior : QR24.50

impairments. Loan and deposit growth was ahead of expectations with NPLs lower. On

Price (21 Jul 2026) QR21.71

the call QIB raised its FY26 loan growth guidance from 5-6% to 12-13% given a strong

start in 1H26, but lowered NIM expectations by c5bps given balance sheet mix shift. QIB RIC: QISB.QA BBG: QIBK QD

also confirmed that it would prudently return to an annual dividend payment for FY26

Trading data and key metrics

only, but would not change its payout policy given strong capital and moderate RWA

52-wk range QR25.49-20.90

growth. Net we are lowering estimates by c1-2% for lower NIM, which takes our sum of

parts driven price target down to QAR23.50, keeping a Neutral rating. Market cap. QR51.3b/US$14.1b

Shares o/s 2,363m (ORD)

Q2 recap: 7% beat as higher revenue offset higher costs/impairments Free float 77%

QIB reported 2Q26 loan growth of 20% YoY (13% YTD, or 11% excluding acceptances) Avg. daily volume ('000) 1,146

to QAR156bn, 6% above consensus, driven by strong government/GRE project lending Avg. daily value (m) QR25.3

albeit at lower margin. Given a strong start, QIB raised FY26 loan growth guidance from Common s/h equity (12/26E) QR32.7b

5-6% YoY to flat with current levels (anticipating some syndication of current lending P/BV (12/26E) 1.6x

offsetting organic growth in other portfolios).