Doha Bank Achieves 5% 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 the first half of 2014. Net profit for the first half of 2014 recorded an impressive QAR 787 million as compared to QAR 748 million for the same period in 2013 showing an increase of 5.2%. 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 14.0% to QAR 1.45billion. Total assets increased by QAR 12.8 billion, a growth of 21.6%, from QAR 59.2 billion as at 30 June 2013 to QAR 72.0 billion as at 30 June 2014. Net loans and advances increased to QAR 45.3 billion as at 30 June 2014 from QAR 36.2 billion for the same period last year, registering a growth of more than25.3%. Customer depositsshowed a year on year increase of 30.5% from QAR 34.1 billion to QAR 44.5 billion as at 30 June 2014 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 continues to perform well with total equity, as at 30 June 2014, at QAR 10.9 billion, registering an increase of 25.3% during the last twelve months. Through the efficient asset allocation model the return on average equity is 16.5%as at 30 June 2014 one of the best in the industry. The Bank has achieved a very high return on average assets of 2.3% as at 30 June 2014 which is a clear demonstration of the effective utilization of shareholder’s funds.
Dr. R Seetharaman, Group Chief Executive officer, said “In line with the Bank’s International expansion strategy and further to obtaining branch license to operate in India from the Reserve Bank of India, Doha Bank has entered into an agreement with HSBC Bank Oman SAOG, an indirect 51% owned subsidiary of HSBC Holdings plc., to purchase their banking business in India subject to approvals of Regulatory Authorities in Qatar, India, Oman and Jersey”.
Doha Bank announced the launch of its annual summer credit card campaign which provides eligible cardholders with 5% cash back on all international spend as well as 2% cash back on all local spending in Qatar during the months of June till August 2014.
Doha Bank has also extended the personal loan offer for another 3 months to give its customers more opportunities to consolidate their liabilities under one single personal loan and opt to waive installments for up to 3 months. Giving opportunity to customers making Vodafone bill payment through Doha Bank’s Internet Banking and ATMs, to win gifts, Doha Bank launched a bill payment promotion in association with Vodafone Qatar. As part of exclusive promotion from Visa, a Doha Bank customer won a trip to FIFA World Cup in Brazil.”
Doha Bank was one of the receiving banks for the IPO of Mesaieed Petrochemical Holding Company earlier during the year followed by offering up to 100% financing option as well as successfully facilitating refunds. Now in its 11th year, Doha Bank’s Al Dana Savings Program is one of the best rewarding savings program in Qatar. This quarter the Bank announced the winners of the first draw of the year.
Highlighting the various customer centric initiatives, Dr. R. Seetharaman said, “In testimony of our understanding of customer needs, Doha Bank has extended the working hours of 7 of its branches including its Corporate Branch. In another initiative to deliver greater value to its customers, Doha Bank became the payment partner for ‘Q-Tickets’, which is the first and only third party movie ticketing facility in the GCC Region, with more than 100,000 reserved tickets and more than 40,000 registered cinema goers in just 6 months. Doha Bank also announced an agreement with Ooredoo for upgrading its network infrastructure to enhance customer experience and reinforce security.”
During this quarter, Doha Bank hosted knowledge sharing sessions on ‘Projects and Contracts Opportunities and Challenges’ in Qatar & Kuwait. These events were well attended by economists, major contracting companies and bankers in Qatar & Kuwait. Doha Bank also hosted knowledge sharing sessions on ‘The Doha Round and Regional trade agreements’, ‘Sustainable development in the Global Arena’ in Qatar and ‘Opportunities in Qatar and GCC’ in the cities of Mumbai and Chennai in India.
Recognizing the strong financial fundamentals and sustained ratings, Doha Bank was adjudged the ‘Best Regional Commercial Bank’ at The Banker Middle East Industry Awards for the second consecutive year as well as the ‘Best Retail Bank in Qatar’ by The Asian Banker in Sydney. The Bank also received the ‘Golden Peacock Global Award 2013 for Corporate Social Responsibility’ as well as ‘Environmental Award’ from The Arab Organisation for Social Responsibility during the year. Doha Bank continued its various CSR initiatives such as signed a partnership agreement with Qatar Charity in support of its ‘Ademha’ Program. These efforts were preceded by Doha Bank’s support to the Qatar Paralympic Committee (QPC), Qatar Red Crescent as well as its ongoing ECO-Schools Program recognizing six schools in Qatar.”