Qatar's Commercial Bank up 10% on FY earnings beat, higher dividend

The Commercial Bank (P.S.Q.C.)

25/01/2023 08:34

** Shares of Qatar's Commercial Bank  COMB.QA  jumped 10% to
5.71 Qatar riyals, highest since April 2021, in early trade
    ** Bank reported a more than 22% rise in FY net profit to
2.81 bln-riyal ($771.98 million), beating analyst's expectations
of a profit of 2.34 bln-riyal
    ** Bank also raised annual cash dividend proposal by 56% to
0.25 riyal per share from 2021
    ** Bank's net interest income also rose 10.9% to 4.11
bln-riyal ($1.13 billion) 
    ** With session's rise, stock has gained 14.18 % YTD
    ** Today's gains added 2.1 bln-riyal to bank's market cap
    ** Of 7 analysts covering the stocks, five rate "buy" or
higher, ​two have "hold"; with median PT 7.50 riyals - Refinitiv
Eikon data
    ** Vodafone Qatar  VFQS.QA  - which is not part of Qatari
index - also jumped more than 5% after it reported a more than
53% jump in 2022 net profit. 
    ** Qatar's benchmark index  .QSI  was up 0.6%
($1 = 3.6400 Qatar riyals)
 (Reporting by Shamsuddin Mohd in Bengaluru)
 ((shamsuddin.mohd@thomsonreuters.com))