Qatar National Bank

Pages
Pages 59
table
Tables 29
Chart
Charts 27
Price $100

• Qatar National Bank (QNB) domiciled in the fastest growing economy of the world, Qatar is the largest bank in MENA region by assets, loans, dep.....

Summary

• Qatar National Bank (QNB) domiciled in the fastest growing economy of the world, Qatar is the largest bank in MENA region by assets, loans, deposits and profit. 
• QNB is 50% owned by Qatar Investment authority and been the primary beneficiary of Qatar Government economic plans through its privileged relationship with the Qatar Sovereign. 
• QNB plays a key role in the economic development of Qatar by financing various government projects and remains the best bet to capture Qatar growth story. 
• The bank has established a track record of growth and profitability. Despite the large scale assets, the bank has been the most efficient and productive with RoE’s > 20% over the years. 
• QNB remains well capitalized (Capital Adequacy Ratio >16%) with stable funding profile (time deposits account for >70%) and the asset quality remains strong (NPL at 1.6%). 
• The stock has provided consistent returns to its investor amid low volatility and valuation remains moderate. 
• In a bid to diversify the income streams geographically QNB has been on an acquisition spree. Acquisitions in volatile operating environment and integration of the same may present some downside risks.

TOC

1. Executive Summary
2. Business Overview
   Overview
   Porter Five Force Analysis
   STEEPLED analysis
3. Financial Overview
   2014 Results
   Loans & Deposits
   Key Financial Ratios
   Earnings Quality (EQ)
4. Projections
5. Peer Analysis
   Domestic Peers
   Regional Peers
   Recent Developments
6. Share Market Overview
   Dividend
   Risk Metrics
   Liquidity
   Analyst Calls
   Credit Rating
7. Appendix
   Sector Overview
   Growth Drivers

Tables & Charts

Tables
1.1 QNB Summary, 2014
1.2 QNB Business Review
1.3 QNB Financial Review
2.1 Top Banks in the Region, 2014
2.2 QNB International Footprint
2.3 Financial Ratios
2.4 Summary of Porter’s Five Forces analysis
2.5 Summary of STEEPLED analysis
2.6 SWOT analysis, QNB
3.1 QNB Investments Portfolio, 2014 (USD mn)
3.2 Earnings Quality across time periods
3.3 Earnings Quality Components, 2014
4.1 Projections for Income Statement, Balance Sheet
4.2 Largest Current/Planned Projects in Qatar (USD bn)
4.3 Qatar Project Spending Phases
4.4 Credit Growth (in %)
4.5 QNB Key Ratios
5.1 QNB Peers, 2014
5.2 Profitability Ratios, 2014
5.3 Asset Quality Metrics, 2014
5.4 Capital & Liquidity Ratios, 2014
5.5 Rankings of Regional Peers based on RoAE (Values in USD bn)
6.1 Returns of QNB vs. Qatar Index
6.2 QNB Dividends, 2010-14
6.3 QNB Risk Metrics
6.4 QNB Liquidity Metrics
6.5 QNB Equity Calls
6.6 QNB Credit Rating
7.1 Board of Directors and Designation

Charts
2.1 Ownership structure of QNB
2.2 Qatar National Bank: Business lines
2.3 Key Milestones
2.4 Geographical Contribution, 2014
2.5 Business Mix – Profit Contribution, 2014
2.6 GDP per capita, Purchasing Power Parity (2013)
2.7 Fastest Real GDP Growth Rates in the World, (2008-13) CAGR basis
3.1 Net Loans (USD billion)
3.2 Loans by Sector, 2014
3.3 Loans by Geography, 2014
3.4 Assets 2010-14 (USD bn)
3.5 Assets by Type
3.6 Asset Split by Currency, 2014
3.7 Total Deposits (USD billion)
3.8 Deposits by Sector
3.9 Deposits by Type
3.10 Non-Interest Income (USD mn)
3.11 Non-Interest Expense (USD mn)
3.12 Net-Interest Income & Net Income (USD mn)
4.1 Project Spending in Qatar, 2000-2016 (USD bn)
6.1 QNB vs. Qatar Index, Rebased (2009-2014)
6.2 QNB Volume Traded (in mn) vs. Stock Price
6.3 Risk vs. Return: QNB, Peers and Qatar Index, 2009-14
7.1 Qatar Banking Sector (2009-2013) in USD billion
7.2 Qatar Banks Credit Facilities by Sector 2013
7.3 Market Share by Loans and Advances, 2013
7.4 Gross Domestic Product in QR billion

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