Qatar National Bank SAQ (QNBK), the largest bank in the Middle East by assets, raised its dividend to 6 riyals a share as 2012 fiscal-year profit missed estimates.
The bank’s board recommended a cash dividend equal to 60 percent of the nominal share value, the lender said in an e- mailed release. The bank paid a dividend of 40 percent of share value in 2011 plus bonus shares of 10 percent. Full-year profit rose 11 percent to 8.3 billion riyals, the bank said. The mean estimate of 10 analysts was for a fiscal-year profit of 8.45 billion riyals, according to data compiled by Bloomberg.
Their were “no major surprises except sharp dividend hike,” Jaap Meijer, director of equity research at Dubai-based Arqaam Capital Ltd., said today in an e-mailed note to investors. The increased dividend was “well ahead” of their forecast for payment of 4.64 riyals a share, he wrote.
Qatar National Bank Boosts Dividend After Net Misses Estimates - Bloomberg
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