RORWAReturn on Risk Weighted Assets
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We reiterate our Core Sell on the bank, and we only like to play growth in Qatar through QNB (high RORWA maintained at 4.
We prefer to play UAE through CBD (cheap, and potential for DPS hike), FGB (despite its YtD performance), UNB (very deep value, strong capital, potential for higher pay-out) & Rakbank (sky high RORWA, very low P/E & solid dividend paying capacity).
CBQ is generating below sector average RORWA and barely exceeds its CoE, while the raised capital is fully used, in our view.