Qatar – Mubasher: NBK Capital said it revised the fair value (FV) of the Commercial Bank of Qatar’s (CBQ) share from QAR 66.6 to QAR 60.5 per share. This follows the listing of bonus shares on 22 March.

The research firm confirmed its ‘hold’ recommendation for the stock.

CBQ’s shareholders approved a 35% cash dividend and a 10% stock dividend last week. The ordinary general meeting also approved a bond issuance through local and global depository receipts (GDRs) at a value of $2 billion.

Following the stock dividend distributions, the bank’s capital grew from QAR 2.97 billion to QAR 3.27 billion.

CBQ reported a 21% profit rise in 2014 to QAR 1.94 billion ($532 million) compared to QAR 1.6 billion ($439 million) in 2013.