Commercial Bank of Qatar (COMB.QA): 2Q26 conference call takeaways

研报英文原文证据摘录

Commercial Bank of Qatar (COMB.QA): 2Q26 conference call takeaways

Equity Research

27 July 2026 | 4:22PM GST

We expect the share price reaction post the earnings call to be broadly neutral. Ashwath P T, CFA

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

Management reiterated its FY26 guidance across key metrics, including c.3% Goldman Sachs International

loan growth, broadly stable margins, and cost of risk of 90-100bps, while Kazim Andac

emphasizing that underlying asset quality remains resilient despite the regional +971(4)214-9958kazim.andac@gs.com|

conflict. Management noted that 1H26 CoR overshot by c.10bps, driven by Goldman Sachs International

Gokul Vinayak Ladditional ECL overlays rather than any deterioration in the credit portfolio. +1(332)245-7976 | gokul.l@gs.com

Management highlighted limited utilization of QCB support measures, and Goldman Sachs India SPL

reaffirmed its commitment to sustainable dividends. We see limited scope for

meaningful consensus earnings revisions following the call, with management

largely reiterating previously communicated financial targets and strategic

priorities.

CBQ is the third-largest bank in Qatar and the second-largest conventional bank.

The bank has a niche in the Cash & Transaction management businesses along with a

strong retail franchise. We think weaker GDP growth could lead to lower loan growth,

while higher geopolitical uncertainty has historically also led to rising funding costs.

The stock trades at 0.75x 2026E P/TBV, which we believe fairly reflects its ROTE of

c.11%.

Exhibit 1: 5Y strategy

Guidance vs GSe

Mid-term Targets 1H26

Management Guidance GSe VA Consensus

Cost to income ratio (Group) 31.6% <27% 29% 29%

Dividends - Sustainable Dividends QAR 0.30/Share QAR 0.42/Share

Coverage Ratio (stage 3) 62% >70.0% >70% -