Fund lifts Qatar National Bank to multi-year high



Qatar National Bank (QNB) rose yesterday to its highest since 2003 after the Qatar Investment Authority (QIA), the country's sovereign wealth fund, announced it would be taking an additional 10 per cent stake in its local banks during the first quarter.

"It is positive because it would allow banks to grow even faster by increasing their capital, strengthening their balance sheet and they would be able to lend more," said Tarik el Mejjad, an analyst at Nomura in London. QIA initially took a 10 per cent stake in Qatari banks in 2009 to replenish their capital after the global crisis.

QNB is expected to be among the main beneficiaries. The lender this week reported a 36 per cent increase in net profitto 5.7bn rials for the full year, above analyst estimates. Loan growth was up 40 per cent year on year, and deposit growth was 31.5 per cent higher. Non-performing loans remained under control, edging up slightly to 0.9 per cent last year from 0.7 per cent in 2009.

QNB released its fourth-quarter results but did not issue full-year financials, saying those data needed the approval of Qatar Central Bank.

QNB has proposed a cash dividend of 5 rials a share for last year, up 62 per cent from 2009.

The board also recommended a 25 per cent increase in capital through a rights issue in the second quarter of this year. This should dilute the equity of existing shareholders, but analysts think the long-term effect will help the share price.

The bulk of the capital increase should be employed for future growth, said Jaap Meijer, the head of the banking research team at Alembic HC Securities in Dubai. The issuance will be used to fund the bank's expansion plans, locally and internationally, and maintain its current credit rating, Mr Meijer said. "The capital increase initially should be dilutive, roughly 13 per cent, but we expect this to reverse quickly, due to the strong expansion and the high returns of the bank," he said.

QNB gained 0.5 per cent to close at 200.8 rials yesterday.

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

BUNDESLIGA FIXTURES

Saturday (UAE kick-off times)

Cologne v Union Berlin (5.30pm)

Fortuna Dusseldorf v Borussia Dortmund (5.30pm)

Hertha Berlin v Eintracht Frankfurt (5.30pm)

Paderborn v Werder Bremen (5.30pm)

Wolfsburg v Freiburg (5.30pm)

Bayern Munich v Borussia Monchengladbach (8.30pm)

Sunday

Mainz v Augsburg (5.30pm)

Schalke v Bayer Leverkusen (8pm)

MATCH INFO

Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid

When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid

FA Cup quarter-final draw

The matches will be played across the weekend of 21 and 22 March

Sheffield United v Arsenal

Newcastle v Manchester City

Norwich v Derby/Manchester United

Leicester City v Chelsea

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Day 1 fixtures (Saturday)

Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)

Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)

COPA DEL REY

Semi-final, first leg

Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')

Second leg, February 27

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

The Energy Research Centre

Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.

From Conquest to Deportation

Jeronim Perovic, Hurst

Ireland v Denmark: The last two years

Denmark 1-1 Ireland 

7/06/19, Euro 2020 qualifier 

Denmark 0-0 Ireland

19/11/2018, Nations League

Ireland 0-0 Denmark

13/10/2018, Nations League

Ireland 1 Denmark 5

14/11/2017, World Cup qualifier

Denmark 0-0 Ireland

11/11/2017, World Cup qualifier

 

 

 

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

MATCH INFO

England 2
Cahill (3'), Kane (39')

Nigeria 1
Iwobi (47')

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Opening Rugby Championship fixtures:Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)

Results

5pm: Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Gurm, Antonio Fresu (jockey), Eric Lemartinel (trainer)

5.30pm: Handicap (PA) Dh80,000 (T) 1,600m; Winner: Al Nafece, Al Muatasm Al Balushi, Mohammed Ramadan

6pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m; Winner: Ashton Tourettes, Adrie de Vries, Ibrahim Aseel

6.30pm: Arabian Triple Crown – Group 3 (PA) Dh300,000 (T) 2,200m; Winner: Ottoman, Adrie de Vries, Abdallah Al Hammadi

7pm: Liwa Oasis – Group 2 (PA) 300,000 (T) 1,400m; Winner: Hakeemat Muscat, Szczepan Mazur, Ibrahim Al Hadhrami

7.30pm: Handicap (TB) Dh80,000 (T) 1,600m; Winner: Ganbaru, Antonio Fresu, Musabah Al Muhairi

The bio

Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
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Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
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