1. Page 1 of 5
QE Intra-Day Movement
Qatar Commentary
The QE index declined 1.3% to close at 12,696.2. Losses were led by the
Insurance and Industrials indices, falling 2.6% and 2.0% respectively. Top
losers were Ezdan Holding Group and Doha Insurance Co., falling 9.9% and
7.3% respectively. Among the top gainers, Dlala Brokerage & Invest. Holding
Co. rose 3.7%, while Barwa Real Estate Co. gained 3.1%.
GCC Commentary
Saudi Arabia: The TASI index rose marginally to close at 9,575.5. Gains were
led by the Media & Pub. and Real Estate Dev. indices, rising 6.9% and 4.6%
respectively. Tihama Advt. gained 10.0%, while Jabal Omar was up 9.6%.
Dubai: The DFM index fell 0.8% to close at 5,074.4. The Transportation index
declined 1.4%, while the Telecom. index was down 1.3%. National General
Insurance Co. and Al-Madina For Finance and Investment Co. fell 9.9% each.
Abu Dhabi: The ADX benchmark index declined 1.2% to close at 5,090.4.
The Services index fell 2.7%, while Energy index was down 2.1%. National
Corp. For Tourism & Hotels and Int. Fish Farming Co. declined 9.9% each.
Kuwait: The KSE index fell 0.1% to close at 7,421.6. The Parallel Market
index declined 0.5%, while the Technology index was down 0.4%. Alrai Media
Group Co. fell 7.3%, while National Carpet Factory was down 6.1%.
Oman: The MSM index rose 0.5% to close at 6,748.7. Gains were led by the
Services and Financial indices, rising 0.3% each. The Financial Corporation
gained 9.2%, while National Gas was up 8.5%.
Bahrain: The BHB index gained 0.4% to close at 1,425.3. The Investment
index rose 0.9%, while Commercial Banking index was up 0.6%. Seef
Properties Co. rose 3.2%, while Arab Banking Corporation was up 2.3%.
Qatar Exchange Top Gainers Close* 1D% Vol. ‘000 YTD%
Dlala Brokerage & Invest. Holding 36.50 3.7 316.9 65.2
Barwa Real Estate Co. 39.40 3.1 6,055.1 32.2
Qatari Investors Group 67.90 3.0 273.1 55.4
Qatar Electricity & Water Co. 185.90 1.0 53.8 12.4
Qatar German Co for Med. Dev. 15.18 0.9 856.3 9.6
Qatar Exchange Top Vol. Trades Close* 1D% Vol. ‘000 YTD%
United Development Co. 25.85 (1.0) 15,387.2 20.1
Barwa Real Estate Co. 39.40 3.1 6,055.1 32.2
Mazaya Qatar Real Estate Dev. 19.09 (4.1) 1,756.9 70.8
Vodafone Qatar 17.15 (1.5) 1,632.2 60.1
Qatar Gas Transport Co. 23.69 (1.2) 1,346.9 17.0
Market Indicators 28 Apr 14 27 Apr 14 %Chg.
Value Traded (QR mn) 1,347.5 1,062.8 26.8
Exch. Market Cap. (QR mn) 754,608.9 777,289.3 (2.9)
Volume (mn) 37.1 28.8 28.9
Number of Transactions 12,354 12,158 1.6
Companies Traded 42 43 (2.3)
Market Breadth 7:35 11:29 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,932.83 (1.3) (2.0) 27.7 N/A
All Share Index 3,252.58 (1.6) (2.4) 25.7 15.8
Banks 3,096.48 (1.7) (2.7) 26.7 15.4
Industrials 4,306.34 (2.0) (3.3) 23.0 16.8
Transportation 2,355.86 (1.4) (0.4) 26.8 15.2
Real Estate 2,668.49 1.1 2.0 36.6 15.8
Insurance 3,256.04 (2.6) (3.5) 39.4 8.6
Telecoms 1,673.88 (1.7) (3.6) 15.1 23.7
Consumer 7,432.43 (1.8) (1.3) 25.0 29.8
Al Rayan Islamic Index 4,199.68 (0.9) (1.8) 38.3 18.9
GCC Top Gainers##
Exchange Close#
1D% Vol. ‘000 YTD%
Tihama Saudi Arabia 300.25 10.0 122.5 173.6
Jabal Omar Dev. Co. Saudi Arabia 46.42 9.7 21366.4 59.0
Com. Bank Of Kuwait Kuwait 0.76 5.6 43.1 2.7
Makkah Const. & Dev. Saudi Arabia 90.75 4.6 1284.7 40.7
Mabanee Co. Kuwait 1.16 3.6 515.5 3.6
GCC Top Losers##
Exchange Close#
1D% Vol. ‘000 YTD%
Ezdan Holding Group Qatar 40.80 (9.9) 9.4 140.0
Aamal Co. Qatar 17.20 (6.5) 441.6 14.7
Ifa Hotels & Resorts Kuwait 0.23 (4.2) 57.8 (20.0)
Al Khalij Com. Bank Qatar 22.00 (4.1) 889.5 10.1
Air Arabia Dubai 1.32 (3.6) 18278.7 (14.8)
Source: Bloomberg (
#
in Local Currency) (
##
GCC Top gainers/losers derived from the Bloomberg GCC
200 Index comprising of the top 200 regional equities based on market capitalization and liquidity)
Qatar Exchange Top Losers Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 40.80 (9.9) 9.4 140.0
Doha Insurance Co. 24.30 (7.3) 1,036.3 (2.8)
Aamal Co. 17.20 (6.5) 441.6 14.7
Mazaya Qatar Real Estate Dev. 19.09 (4.1) 1,756.9 70.8
Al Khalij Commercial Bank 22.00 (4.1) 889.5 10.1
Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD%
United Development Co. 25.85 (1.0) 406,159.8 20.1
Barwa Real Estate Co. 39.40 3.1 238,937.4 32.2
Industries Qatar 179.00 (3.0) 94,957.1 6.0
QNB Group 192.50 (2.3) 63,557.7 11.9
Masraf Al Rayan 47.80 (0.8) 41,013.4 52.7
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded
($ mn)
Exchange Mkt.
Cap. ($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 12,696.24 (1.3) (2.0) 9.1 22.3 370.09 207,215.6 15.9 2.1 3.9
Dubai 5,074.43 (0.8) (0.3) 14.0 50.6 468.13 98,242.1 21.3 1.9 2.0
Abu Dhabi 5,090.41 (1.2) (1.6) 4.0 18.6 229.64 138,791.5 15.4 1.9 3.4
Saudi Arabia 9,575.54 0.0 0.2 1.1 12.2 3,081.98 519,344.6 19.1 2.4 3.0
Kuwait 7,421.60 (0.1) (0.4) (2.0) (1.7) 84.81 116,187.6 16.8 1.2 4.1
Oman 6,748.72 0.5 (0.4) (1.6) (1.3) 72.31 24,345.5 11.6 1.6 3.9
Bahrain 1,425.25 0.4 0.5 5.0 14.1 1.85 53,399.3 10.0 1.0 4.8
Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
12,600
12,700
12,800
12,900
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QE index declined 1.3% to close at 12,696.2. The Insurance
and Industrials indices led the losses. The index fell on the back
of selling pressure from non-Qatari shareholders despite buying
support from Qatari shareholders.
 Ezdan Holding Group and Doha Insurance Co. were the top
losers, falling 9.9% and 7.3% respectively. Among the top
gainers, Dlala Brokerage & Invest. Holding Co. rose 3.7%, while
Barwa Real Estate Co. gained 3.1%.
 Volume of shares traded on Monday rose by 28.9% to 37.1mn
from 28.8mn on Sunday. Further, as compared to the 30-day
moving average of 27.1mn, volume for the day was 36.7%
higher. United Development Co. and Barwa Real Estate Co.
were the most active stocks, contributing 41.5% and 16.3% to
the total volume respectively.
Source: Qatar Exchange (* as a % of traded value)
Ratings, Earnings and Global Economic Data
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
Damac Real Estate
Company
S&P
Saudi
Arabia
LT FCR/ LT LCR – BB/BB – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Credit Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC –
Local Currency)
Earnings Releases
Company Market Currency
Revenue
(mn)1Q2014
% Change
YoY
Operating Profit
(mn) 1Q2014
% Change
YoY
Net Profit (mn)
1Q2014
% Change
YoY
National Central Cooling Co.
(Tabreed)
Dubai AED 227.2 3.9% 78.3 3.7% 58.2 21.7%
Ras Al Khaimah Properties
(RAK Proprties)
Abu Dhabi AED 86.0 NA – – 42.0 5.0%
Al Batinah Development &
Investment Holding Co.
Oman OMR – – – – 0.6 1427.5%
Shell Oman Marketing Co.
(SOMC)
Oman OMR 101.1 -1.8% – – 2.7 -11.9%
Hotel Management
Company International
(HMCI)
Oman OMR – – – – 1.4 -12.5%
National Gas Co. (NGC) Oman OMR 30.1 0.4% – – 0.4 199.9%
Source: Company data, DFM, ADX, MSM
Global Economic Data
Date Market Source Indicator Period Actual Consensus Previous
04/28 US Nat. Assoc. of Realtors Pending Home Sales MoM March 3.40% 1.00% -0.50%
04/28 US Nat. Assoc. of Realtors Pending Home Sales YoY March -7.40% -10.30% -10.00%
04/28 Germany Destatis Import Price Index MoM March -0.60% -0.10% -0.10%
04/28 Germany Destatis Import Price Index YoY March -3.30% -2.80% -2.70%
04/28 UK Hometrack Hometrack Housing Survey MoM April 0.60% – 0.60%
04/28 UK Hometrack Hometrack Housing Survey YoY April 6.00% – 5.70%
04/28 Italy ISTAT Consumer Confidence Index April 105.4 101.2 101.9
04/28 Japan METI Retail Trade YoY March 11.00% 10.80% 3.60%
04/28 Japan METI Retail Sales MoM March 6.30% 6.00% 0.30%
04/28 Japan METI Large Retailers' Sales March 16.10% 13.80% 1.30%
Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted)
News
Qatar
 MSCI will cut weights of some Qatar, UAE stocks –
International equity index compiler MSCI will cut the weightings
of eight major Qatar and United Arab Emirates stocks when it
upgrades those countries to emerging market status, according
to a document seen by Reuters. The document, sent by MSCI to
financial firms at the end of last week, said the weightings of
those stocks — four in Qatar and four in the UAE — would be
reduced “as they may pose accessibility issues to international
institutional investors”. Repeated calls to MSCI’s London offices
for comment were not answered yesterday. MSCI decided last
year to lift Qatar and the UAE to emerging market from frontier
market status at the end of May 2014. On May 14, it is to
announce the final list of constituents of its revised emerging
market index. This is expected to attract fresh foreign money to
the two countries; some analysts have estimated each country
could draw over $2bn. Significant amounts of new money have
already started arriving. But in its document, MSCI said it would
Overall Activity Buy %* Sell %* Net (QR)
Qatari 74.32% 71.88% 32,910,239.49
Non-Qatari 25.67% 28.12% (32,910,239.49)

3. Page 3 of 5
“apply an adjustment factor of 0.5” to the weightings of
Industries Qatar, QNB Group, Commercial Bank and Doha
Bank. It said that as foreign money entered Qatar, overseas
investors might run out of room to buy shares in these
companies because of low ceilings for foreign ownership of
them. Some Qatari firms have been lifting their ceilings but for
Industries Qatar and QNB Group they are still low, MSCI said.
Investors have not said the UAE is as problematic as Qatar for
ownership ceilings, MSCI said. But it will apply the same
adjustment factor to Arabtec, Dana Gas, Dubai Islamic Bank
and Emaar Properties as foreigners could have trouble buying
their shares in future. MSCI added that it might reconsider its
decision to apply the adjustment factor to the eight stocks if
those companies raised their foreign ownership ceilings before
mid-May. (Reuters)
 CBQK’s 1Q2014 profitability QoQ driven by a sharp drop in
net provisions and operating expenses –. CBQK posted a net
profit of QR548mn, broadly in-line with our estimate of
QR532mn (Bloomberg consensus: QR447mn), up by ~8.3%
QoQ (+ ~82.7% YoY). Profitability on a QoQ basis was primarily
driven by a significant drop in net provisions and operating
expenses. The bank’s net provisions dropped by ~77.7% QoQ
(down 14.7% YoY) to QR59.3mn. Moreover, operating
expenses also witnessed a sharp decline, dropping by ~23.2%
QoQ (+ ~66.8% YoY) to QR406.9mn. Net Interest income
slipped by ~1.8% QoQ (+36.8% YoY) to QR620.8mn. Moreover,
operating income was down ~7.8% QoQ (+24.3%) mainly due to
muted investment income. Loans grew at a healthy pace YTD.
CBQK’s loan book grew by ~2.7% YTD, reaching QR68.7bn. On
the other hand, deposits receded by ~2.1% YTD to QR62.1bn.
As such, the LDR jumped to 111% in 1Q2014 vs. 106% at the
end of 2013. ABank contributed ~17.6% and ~13.8% to overall
loans and deposits, respectively. Asset quality marginally
improved. CBQK’s NPL ratio marginally improved in 1Q2014 to
3.55% vs. 3.65% at the end of 2013. Moreover, the bank’s
coverage ratio also improved, climbing to 65.2% vs. 63.0% at
the end of 2013. We maintain our target price of QR79.02/share
and rate the stock an Accumulate. CBQK currently trades at a
P/E and P/TBV of 11.1x and 1.4x on our 2014 estimates,
respectively. (QNBFS Research, CBQK Press Release)
 GISS to close GDI acquisition by April 30; we reiterate our
Accumulate rating and price target QR101.50 – Gulf
International Services (GISS) has announced that Gulf Drilling
International (GDI) is now a wholly-owned subsidiary of GISS
after the company completed the acquisition of the 30% stake
previously held by Japan Drilling Company Limited. The
expected final cost to GISS is circa $160mn, subject to the final
audit of the accounts. With this, it will be the ending of the joint
venture between the two companies that began 10 years ago,
with an effective date of 30 April 2014. Consolidated revenue
and profit for the GISS group in 2014 is now projected to exceed
QR3.5bn and QR900mn respectively, while GDI is expected to
contribute an incremental QR1.4bn of revenue and QR150mn of
net profit on account of the acquisition. The consideration paid
for JDC’s 30% stake was derived pursuant to terms set forth in
the joint venture agreement and is based on 30% of GDI’s net
book value as of 30 April 2014. The fair market value of this
interest is estimated to be significantly above its net book value,
with GDI’s fleet being fully utilized under favorable multiyear
contracts. The transaction is being financed by an eight-year
bilateral loan agreement secured through local banks on
competitive terms, and repayable on a semi-annual basis
starting from 2015. Our estimates account for this acquisition
and we project QR963mn in 2014 net income (vs. QR677mn in
2013) and QR3.7bn in 2014 revenue (vs. QR2.3bn in 2013).
(QNBFS Research, GISS Press Release)
 Milaha posts net income of QR349.4mn for 1Q2014 – Qatar
Navigation Company (Milaha) posted a net profit of QR349.4mn
vs. QR344.6mn for the corresponding period in 2013. Earnings
per Share (EPS) amounted to QR3.08 vs. QR3.03 in 1Q2013.
(QE)
 S&P: Qatar growth prospects augur well for P/C insurance
market – According to Standard & Poor's (S&P), Qatar's
economic growth prospects augur well for the property/casualty
(P/C) insurance segment, which has grown 10-15% annually.
S&P estimated Qatar’s real GDP growth to be around 5% and
GDP per capita of around $95,000 for the next two years
(assuming oil prices remain high). S&P expects projects related
to the country’s national development strategy to improve the
economy's productivity and strengthen its competitive position.
S&P said that this should create more opportunity for insurable
activity, particularly for large, commercial projects such as
internal rail links, Doha port, water treatment plants, industrial
zones, and new stadiums and other facilities being built for the
2022 FIFA World Cup. (Gulf-Times.com)
 MDPS: Qatar's trade balance in $10bn surplus in March –
Qatar’s balance of trade recorded a surplus of QR36.1bn in
March 2014 as compared to QR500mn or 1.3% in the same
period last year. The Ministry of Development Planning &
Statistics (MDPS) said Qatari exports amounted to QR45.4bn
during March, increasing by 8.1%, while the value of imports
rose by 3.16% to QR9.2bn. (Bloomberg)
 QFMA issues M&A, capital adequacy rules to support
growth of markets – The Qatar Financial Market Authority
(QFMA) has issued five legislations, including those on mergers
and acquisitions (M&A) and capital adequacy, as part its efforts
to modernize the legal infrastructure and support the
development of capital markets. The legislations cover areas
pertaining to regulating and licensing depositaries, amendments
to the corporate governance code in the main market and
introducing new corporate governance code in the Venture
Market, which is the junior bourse for small & medium
enterprises. The capital adequacy standards would be applied
on financial services companies licensed by the QFMA to
ensure that they constantly maintain their capital adequacy
ratios. Further, the provisions of M&A rules would apply to all
acquisitions or mergers in which one of the parties is a listed
company or a subsidiary. (Gulf-Times.com)
International
 US Treasury expects to pay down debt in April-June – The
US Treasury said it expects to pay down $78bn in net
marketable debt during the April-June quarter, a sign that the
improving economy is reducing the federal budget deficit.
However, Washington is still on track to run roughly a half trillion
dollars into the red this year. While that figure is high by
historical standards, annual deficits have fallen precipitously in
recent years as the economy recovered from a deep recession.
The Treasury had previously forecast paying down $40bn in
debt this quarter. The Congressional Budget Office, however,
projects budget deficits will widen slightly relative to the national
economic output over most of the current decade. The Treasury
said it expects to issue $169bn in net marketable debt for the
July-September period. (Reuters)
 UK’s economic recovery seen speeding up in first-quarter –
Britain's economy is likely to have come within a whisker of
finally recovering to its pre-recession size when the latest data is
released, buoying Prime Minister David Cameron a little more
than a year before a national election. The latest GDP figures
are also likely to show Britain notching up its fastest economic
growth in nearly four years during 1Q2014. Britain's economy

4. Page 4 of 5
has bounced back strongly over the past 12 months and is it
expected to grow more quickly than any other Group of Seven
nation this year. However, it has taken longer than many other
countries to shake off the effects of the financial crisis, partly
because of the size of its banking sector. At the end of 2013, the
economy was 1.4% smaller than at its peak in 2008. According
to a Reuters poll of economists, Britain's GDP probably
expanded by 0.9% in 1Q2014 from 4Q2013, when the economy
grew by 0.7%. In YoY terms, growth is also expected to have
picked up speed to reach 3.2%, compared with 2.7% in the
fourth quarter. (Reuters)
 Draghi tells German lawmakers ECB bond-purchases
unlikely – According to sources, the European Central Bank
(ECB) President Mario Draghi has told German lawmakers that
a quantitative easing program is not imminent and is relatively
unlikely for now. However, Draghi said the central bank stands
ready to embark on QE if needed. Earlier, Draghi had stated
unprecedented measures right from negative interest rates to
QE are being considered to avert the risk of deflation as the
Eurozone goes through a gradual economic recovery. Germany,
the region’s largest economy, has been among the strongest
opponents of Draghi’s more radical policies amid concerns that
the ECB will overstep its mandate. While the ECB expects a
prolonged period of low inflation, Draghi does not see the
imminent threat of falling prices. (Bloomberg, Reuters)
Regional
 APICORP seals SR1bn murabaha facility with Al-Rajhi Bank
– Arab Petroleum Investments Corporation (APICORP) has
secured a five-year SR1bn bilateral Shari’ah-compliant facility
from Al-Rajhi Bank. The facility is aimed at retaining and
increasing APICORP’s medium-term funding. Al-Rajhi Bank was
the sole murabaha facility arranger, lender and agent for the
deal. (GulfBase.com)
 Bahri receives new general cargo vessel – The National
Shipping Company of Saudi Arabia (Bahri) has received a new
vessel specialized in general cargo with a size of 26,000 DWT in
South Korea. The ship named, Bahri Yanbu, has been built by
Hyundai. This is the sixth vessel from the contract given in 2011
for a total value of SR1,543mn. The financial impact of the
delivered vessel will materialize during 2Q2014. The delivery of
the sixth vessel enables the company to complete its strategic
plan to expand in the general cargo sector by replacing its 4
aged RoRo vessels with 6 new vessels. (Tadawul)
 Emaar may drop London IPO plan – According to sources,
Emaar Properties is considering scrapping a proposed listing of
its retail unit in London to focus on Dubai. The company is
weighing an IPO on the Dubai Financial Market and seeking an
exemption to float less than the required 55%. Last month,
Emaar had planned to raise as much as $2.45bn with a 25%
stake sale in London and Nasdaq Dubai. (Gulf-Times.com)
 Dubai airport traffic rises 7.5% YoY in March – Dubai airport
has reported a 7.5% increase in passenger traffic as compared
to 6.29mn passengers in March 2013. Dubai Airports said that
passenger traffic at Dubai International increased 11.4% in
1Q2014 to 18.36mn people, driven by expansion in the networks
of the Emirates and Flydubai airlines. Further, freight volume
rose to 6.7% in March to 228,154 tons, partly due to increasing
trade activity in the world's developed economies. Three-month
freight volume rose 5.0% to 613,876 tons. (Reuters)
 RAK Insurance declares 15% dividend – Ras Al Khaimah
National Insurance Company’s (RAK Insurance) AGM has
approved its board of directors’ proposal for distributing 15%
cash dividend. (ADX)
 NBAD reports AED1.4bn profit in 1Q2014 – The National
Bank of Abu Dhabi (NBAD) has reported a net profit of
AED1.4bn in 1Q2014, which was up 31% QoQ but flat YoY. Net
interest income reached AED1.50bn as against AED1.47bn in
1Q2013. EPS amounted to AED0.27 in 1Q2014, matching the
figure in 1Q2013. The bank’s total assets stood at AED361bn,
showing 12% YoY increase over AED325bn a year ago. Loans
& advances stood at AED178.5bn as on March 31, 2014, down
from AED183.8bn as on December 31, 2013. Customer
deposits stood at AED235bn, up 11% from AED211bn. (ADX)
 Etisalat signs €3.15bn financing deal for Maroc Tel stake
buy – Emirates Telecommunications Corporation (Etisalat) has
entered into a multi-currency deal of €3.15bn with a group of 17
international and regional banks. The company will use this
financing to fund the acquisition of Vivendi's 53% stake in Maroc
Telecom. The financing consists of two tranches in which
Tranche A is a 12-month bridge loan amounting to €2.1bn at a
price of EURIBOR plus 45 basis points, while Tranche B is a
three-year bullet term loan amounting to €1.05bn at a price of
EURIBOR plus 87 basis points. According to sources, an Abu
Dhabi state-owned fund will finance the remaining purchase
consideration. (ADX, GulfBase.com)
 Alizz Islamic Bank’s loss soars to OMR1.47mn in 1Q2014 –
Alizz Islamic Bank has recorded a net loss of OMR1.47mn for
1Q2014 as against net loss of OMR0.78mn in 1Q2013. Total
assets stood at OMR100mn at the end of 1Q2014 as against
OMR99.7mn a year ago. During 1Q2014, the bank’s financing
portfolio reached to OMR20mn as compared to OMR4mn in
1Q2013, while its deposit base increased to OMR3mn. (MSM)
 HSBC Bank Oman’s profit drops by 46% – HSBC Bank
Oman, an affiliate of HSBC Holdings, posted a net profit of
OMR3.1mn in 1Q2014 as compared to OMR5.7mn in 1Q2013,
reflecting a 46% slump. (Reuters)
 ABC posts 27% rise in profits in 1Q2014 – The Arab Banking
Corporation (ABC) has reported a net profit of $71mn in 1Q2014
as compared to $56mn in 1Q2013, reflecting an increase of
27%. The bank’s net interest income reached $132mn in
1Q2014 as against $124mn in 1Q2013. Total assets stood at
$27.9bn at the end of 1Q2014 as compared to $26.5bn as on
December 31, 2013. EPS remained unchanged at $0.02 in
1Q2014 as compared to 1Q2013. Deposits increased by $1.2bn
during the quarter to reach $19.5bn. (Bahrain Bourse)

5. Contacts
Saugata Sarkar Keith Whitney Sahbi Kasraoui
Head of Research Head of Sales Manager - HNWI
Tel: (+974) 4476 6534 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544
saugata.sarkar@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
Doha, Qatar
DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar
Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an
offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential
investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be
reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts,
QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the
right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the
views and opinions included in this report.
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
Jun-10 Jan-11 Aug-11 Mar-12 Oct-12 May-13 Dec-13
QE Index S&P Pan Arab S&P GCC
0.0%
(1.3%)
(0.1%)
0.4% 0.5%
(1.2%)
(0.8%)
(1.6%)
(1.2%)
(0.8%)
(0.4%)
0.0%
0.4%
0.8%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD%
Gold/Ounce 1,296.68 (0.5) (0.5) 7.6 DJ Industrial 16,448.74 0.5 0.5 (0.8)
Silver/Ounce 19.59 (0.5) (0.5) 0.6 S&P 500 1,869.43 0.3 0.3 1.1
Crude Oil (Brent)/Barrel (FM
Future)
108.12 (1.3) (1.3) (2.4) NASDAQ 100 4,074.40 (0.0) (0.0) (2.4)
Natural Gas (Henry
Hub)/MMBtu
4.78 1.7 1.7 10.0 STOXX 600 334.13 0.2 0.2 1.8
LPG Propane (Arab Gulf)/Ton 109.25 (1.5) (1.5) (13.6) DAX 9,446.36 0.5 0.5 (1.1)
LPG Butane (Arab Gulf)/Ton 124.25 (0.7) (0.7) (8.5) FTSE 100 6,700.16 0.2 0.2 (0.7)
Euro 1.39 0.1 0.1 0.8 CAC 40 4,460.53 0.4 0.4 3.8
Yen 102.49 0.3 0.3 (2.7) Nikkei 14,288.23 (1.0) (1.0) (12.3)
GBP 1.68 0.0 0.0 1.5 MSCI EM 993.12 (0.0) (0.0) (1.0)
CHF 1.14 0.1 0.1 1.4 SHANGHAI SE Composite 2,003.49 (1.6) (1.6) (5.3)
AUD 0.93 (0.2) (0.2) 3.8 HANG SENG 22,132.53 (0.4) (0.4) (5.0)
USD Index 79.68 (0.1) (0.1) (0.4) BSE SENSEX 22,631.61 (0.2) (0.2) 6.9
RUB 35.88 (0.4) (0.4) 9.2 Bovespa 51,383.68 (0.0) (0.0) (0.2)
BRL 0.45 0.9 0.9 6.3 RTS 1,139.29 1.8 1.8 (21.0)
182.4
152.1
138.8