His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced Doha Bank’s financial results for the first half of 2017. Net profit for the first half of 2017 recorded an impressive QAR 716 million as compared to QAR 708 million for the same period in 2016 showing an increase of 1.0%. H.E. Sheikh Fahad said “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
The Bank increased net operating income by 4.8% to QAR 1,473 million. Total assets increased by QAR 4.5 billion, a growth of 5.1%, from QAR 87.3 billion as at 30 June 2016 to QAR 91.8 billion as at 30 June 2017. Net loans and advances increased to QAR 59.2 billion as at 30 June 2017 from QAR 55.4 billion for the same period last year, registering a growth of 6.8%. Customer deposits showed a year on year increase of 6.8% from QAR 52.4 billion to QAR 56.0 billion as at 30 June 2017 which is evidence of the strong liquidity position of the Bank.
H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The Bank has become extremely strong over the years with total equity, as at 30 June 2017, at QAR 14.6 billion, registering an increase of 11.7% during the last twelve months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 14.7% as at 30 June 2017 one of the best in the industry.
The Bank, given the scale of operations, has achieved a very high return on the average assets of 1.57% as at 30 June 2017 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”.
Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, said “In spite of challenging market conditions, Doha Bank’s strong results highlights the ever growing strength of its vision and strategy to capitalize on market synergies, ongoing customer demand, its strong suite of products and services, resilient economy and strong banking fundamentals in Qatar.” During the year, Doha Bank distributed 30% cash dividend to the shareholders for the year 2016 as well as successfully completed the capital increase by way of rights issue.
Highlighting Doha Bank’s key achievements, initiatives and innovations, Dr. R. Seetharaman said, “We are proud to announce that the bank as Founder, is in the final stage of launching the QE Index ETF (QETF). The QETF will invest and replicate the Qatar Index largest 20 companies in terms of market capitalization and liquid listings.” Doha Bank launched ‘Doha Miles’, its new loyalty program, designed to convert credit card spends locally and internationally, into reward points, which can be redeemed against free flights and hotel bookings. During the holy month of Ramadan, Doha Bank announced a car loan offer bundled with a free Comprehensive Car Insurance and hosted a special Suhoor banquet for its customers. Now in its fourteenth edition, the ‘Al Dana’ savings scheme monthly prize draw got to see the winners walk away with life-changing prizes. A new retail home loan offer was launched during the quarter with an interest rate of 3.99% for the first year along with 12 months payment holiday. Doha Bank unveiled a first-of-its-kind mobile application ‘Doha Bank MyBook Qatar’ which features a source of deals and voucher schemes. Furthermore, the bank also launched new international money transfer to 200+ countries through its new mobile banking application. On the corporate side, we continued our commitment to both GRE and local private sector, by signing big ticket deals such as QIMC. Doha Bank has also extensively leveraged on its vast international network to garner cost effective deposits. Keeping pace with needs of the customers, Doha Bank has opened two new branches at Doha Festival City and Mall of Qatar in addition to relocating the Airport branch.
Doha Bank’s credit ratings were re-affirmed by various credit rating agencies in recognition of Doha Bank’s ability to maintain strong growth trajectory and impressive financial ratios. Recently, Moody’s reaffirmed Doha Bank’s rating at ‘A2’ again, Capital Intelligence affirmed Doha Bank’s financial strength rating and upgraded the Long-Term Foreign Currency Rating to ‘A+’. Commenting on the ratings, Dr. R. Seetharaman said “these ratings recognizes Doha Bank’s sustainable business model in the current business environment.”
During the year, Doha Bank held various knowledge sharing sessions and breakfast meetings in Qatar, South Korea and Abu Dhabi, which was well attended by senior government representatives and business community. In addition, the bank participated in various panel discussions. Doha Bank has renewed the ISO 20000-2011 certification for the 10th year in a row. In line with its commitment to hiring the best talent in the country, Doha Bank participated in the career fairs organized by Qatar University and Community College. As part of the employee engagement, the Bank organized long service awards as well as various sport events.
In testament to its exceptional performance, Doha Bank was awarded as the ‘Best Regional Commercial Bank’ at the Banker Middle East Industry Awards 2017 for the fifth time in a row. Doha Bank also received various awards such as ‘Best Regional Enterprise’ Award for Excellence in Quality in Banking from Europe Business Assembly, ‘Best Commercial Bank, Qatar 2016’ at the International Financial Magazine Awards and two awards at the EMEA Finance Middle East Banking Awards 2017 – ‘Best Local Bank in Qatar’ and ‘Most Innovative Bank in the Middle East’, ‘Best Bank Governance – Qatar 2017’ at Capital Finance International (CFI) co Awards 2017, ‘Global Good Governance (3G)’ Award from Cambridge IF Analytica, ‘Golden Peacock Award for Corporate Social Responsibility in the Global Category’ by the Institute of Directors, ‘Best Trade Finance Bank’ at the Global Finance Awards 2017 and ‘Company of the Year Award’ by Qatar University.
As part of its commitment to society, environment and raising awareness of sustainable development issues, Doha Bank was involved in various activities such as ‘Beach Clean-up’ event in collaboration with Ministry of Municipality & Environment and Al Wakra Municipality, switching off the lights in its corporate headquarters and branches across Qatar during ‘Earth Hour’, conducted the 12th edition of ‘Al Dana Green Run’ wherein as many as 6000 residents supported the event, ECO-Schools Programme awards as well as blood donation drive in coordination with Hamad Medical Corporation.