Doha Bank Achieves 2% Profit Growth with Impressive Ratios
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 Q3 2013. Net profit for Q3 2013 recorded an impressive QAR 1,077 million which represents a growth of 2% as compared to QAR 1,061 million for the same period in 2012. 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 5% to QAR 1.9 billion. Total assets increased by more than QAR 9.7 billion, a growth of 18%, from QAR 53.3 billion as at 30 September 2012 to QAR 63.0 billion as at 30 September 2013. Net Loans & Advances increased to QAR 38.9 billion from QAR 31.8 billion for the same period last year, registering a growth of MORE THAN 22%. Deposits showed a year on year increase of 29% from 31.1 billion to QAR 40.1 billion as at 30 September 2013 which is evidence of the strong liquidity position of the Bank.
His Excellency Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “Through the strategic utilization of shareholder’s funds in order to maximize our performance levels, the return on average equity is 18.4% as at 30 September 2013 which is one of the highest in the Qatar. The Bank, given the scale of operations, has achieved a very high return on average assets of 2.43% as at 30 September 2013 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”. Further, H.E. Sheikh Abdul Rehman said “The Bank’s core revenue streams have shown strong growth over the prior year period reflecting on the Bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance”.
On this occasion, highlighting the key developments during the third quarter of 2013, Dr. R Seetharaman, Group Chief Executive officer, elaborated on the Bank’s capital enhancement plan. He said, “After successfully completing the Right’s issue for QAR 1.55 billion, which was oversubscribed by 1.8 times, the Bank further embarked on its journey for second phase of Capital enhancement.
In the Board meeting held on 6th October 2013, the Board of Directors resolved to put forth the proposal of Issuing Tier 1 Capital Notes amounting to QAR 2 billion to the Extra Ordinary General Assembly of the shareholders. This will enhance the Bank’s prospects in achieving its strategic goals, strengthen its lending capacity and improve its competitive edge, while keeping in view the anticipated boom across various economic sectors in the State of Qatar.”
In line with Doha Bank’s International expansion strategy, marking a significant milestone in fostering strong bilateral relationships, the bank inaugurated a representative office in Toronto. Earlier during the year, the Bank had set up a representative office in Australia. The Bank is also in the process of inaugurating its Representative Offices in Hong Kong and also one in Sharjah. This will result in substantial value-advantage to corporates across the globe through the Bank’s strong global network and shall continue to explore new horizons.
The bank has also successfully completed the initial offer on its ‘Al Hayer Fund’. The ‘Al Hayer’ GCC & MENA Fund is an open-ended fund seeking medium to long term capital appreciation by investing in a portfolio of companies listed on major stock markets across the Middle East region for Qatari Individuals, Corporates and Institutions.
In delivering an advanced level of professional training and banking skills to help each employee fulfill their full potential, an Internal Training and Career Development Portal was launched. Further to this initiative, “Doha Bank Training Academy” was inaugurated. Knowledge and skills assimilation is a very important aspect of ensuring the continuing competitiveness of any institution and hence the Training Academy plays a very central and crucial role in the development of the skills of it employees to help us serve our customers even better. It is dedicated to the staff and aims to help them stay abreast of the latest banking innovations as well as the essential skills that will help them grow and contribute within Doha Bank’s overall framework.
Given Doha Bank’s solvency and financial strength at local and global levels and due to providing advanced banking services and products and its leading role for transforming the Qatari banking experience, we have earned the appreciation and recognition of professionals in the financial and banking industry. The Bank has won in addition to the awards obtained in previous years, the awards for “Best Commercial Bank in the Middle East” and “Best Credit Card” from Banker Middle East 2013 and the award for the “Most Innovative Retail Bank in the Middle East for 2013” from Global Finance Magazine and the Golden Peacock Award for 2013.