Its revenue is rising. Its profit is soaring. Compared with the tumult on world markets, it has many qualities of a haven. But the stock of Qatar National Bank, the state's biggest lender, still has room to rise.
The stock fell 1.1 per cent to 141.2 rials in trading yesterday. But QNB has fallen 0.28 per cent since the start of August.
Rivals such as Doha Bank have performed much better during the period.
Like the National Bank of Abu Dhabi, QNB has weathered recent market turmoil well, largely as a result of its links to the Qatari government.
Conservatively managed, QNB is flush with new liquidity from the development of liquefied natural gas projects that are coming online this year, and the bank expects to see further investment as the country prepares to host the 2022 Fifa World Cup.
That explains QNB's relatively stable performance during a period in which bank stocks across the world totter, but analysts are starting to take notice of the stock's laggardly performance against its peers.
Taib Securities reiterated its "overweight" rating on QNB yesterday, increasing its target price to 165 Qatari rials.
"QNB delivered strong performance during the first half of 2011," analysts wrote. "The bank's asset quality remains strong, with the ratio of non-performing loans to total loans remaining at 1 per cent during the first half of 2011."
The bank's US$7.5bn bond programme is expected to boost its already high levels of liquidity, analysts from AlembicHC wrote in a research note.
"We do not expect a significant drag on QNB's margin as a result of the planned issue," the note said. "The issuance could finance loan growth of over 5 per cent."
Though Qatar's central bank has tightened regulation on retail banking and demanded a split between Islamic and conventional lending, the impact on the bank's balance sheet should be minor, according to a recent report from Fitch Ratings.