Report by AlphaMena
QNB delivered a strong FY23 with an 8% increase in net profit despite a QAR 3.5bn loss on hyperinflation in Turkey. AlphaMena remains bullish because of QNB's strong government support (35% of loans), resulting in high asset quality and sound profitably. By maintaining a dominant market share in Qatar and a growing international contribution, its diversifying business mix can sustain its top-line positive momentum amid a rather unfavourable interest rate environment. The sharp plunge in the share price since 2022 offers a great opportunity to buy shares in one of the world's strongest banks. TP QAR 21.0 (30% upside).