Mubasher: Qatar National Bank (QNB) Financial Services has maintained Doha Bank’s price target at QAR 31 per share.

The brokerage arm of the region's largest lender QNB forecast the continuation of Doha Bank’s positive performance, according to a recent report on Monday.

Doha Bank’s profits grew 4.7% to QAR 381 million for the first quarter of 2018, up from QAR 364 million in the same period of the previous year.

QNB attributed the increase in profits to a drop in allocations, as Doha Bank’s allocations slid to QAR 60.5 million in Q1-18 versus QAR 400.3 million in Q4-17.

It is worth noting that non-performing loans of Qatar's largest private commercial bank rose 3.99% during the first three months of 2018, up from 3.61% in the year before.

By the end of Monday’s session, Doha Bank’s stock levelled up 0.11% at QAR 27.60.