Doha Bank Achieves Commendable Results
H. E. Sheikh Fahad bin Mohammed bin Jabor Al-Thani, The Chairman of Doha Bank announced that the board of directors in its meeting held on 18 January 2012 has approved the draft audited financial statements for the year 2011. H. E. also announced that the bank’s net profit reached QR 1,241 million in comparison to 1,054 million in 2010, with a growth of 17.7%. He added that at the same meeting, the board of directors has decided to submit a recommendation to the General Assembly to approve the distribution of cash dividends to the shareholders of 45% from the paid up capital i.e. QR 4.50 for each share.
He further added that the audited financial statements, declared net profit and recommended distribution percentage are all subject to the approval of the controlling authorities and the General Assembly of the Shareholders.
H. E. Sheikh Fahad also said that the bank has achieved noticeable growth rates in all financial indicators. The total assets rose from QR 47.2 billion in 2010 to QR 52.4 billion in 2011 representing a growth of 11.0%. The total loans and advances rose from QR 26.5 billion in 2010 to QR 30.7 billion in 2011, representing a growth of 15.7 %. Customers’ deposits grew by 2.8%, where the total deposits rose from QR 30.8 billion in 2010 to QR 31.7 billion in 2011 and the total equity of shareholders reached by the end of the year QR 7.1 billion which is an increase of 17.3% from the previous year.
The earnings per share was QR 6.03. The return on average shareholders’ equity and the return on average assets were an impressive 22.0% and 2.49% respectively.
Doha Bank’s successful results are largely attributable to the Bank’s Strategy to innovate, diversify and capitalize on market synergies, as it continues to increase shareholder value.
Highlighting Doha Bank’s contribution towards the Qatar National Vision 2030, Mr. R.Seetharaman, Group Chief Executive Officer said, “Doha Bank is continually striving to create job opportunities for Qatari citizens and to fully participate in the aims and achievements of the Qatar National Vision 2030 set forth by His Highness Sheikh Hamad Bin Khalifa Al-Thani, the Emir of the State of Qatar. Doha bank Management has adopted a five-year strategy to increase the percentage of Qatari employees in the bank in every department by executing a number of plans that aim at attracting and retaining the national competencies through enrolling them in training and development programs that motivate and lend a helping hand to them to progress to higher job grades. These programmes have proved to be very effective as the percentage of Qatari employees has crossed 25% in 2011.
In line with the Qatar Central bank’s directive, which prohibits conventional banks from entering into any new Islamic banking business, Doha Islamic services have been discontinued by the end of 2011. In 2011 new Representative Offices were opened in Abu Dhabi and Germany. The Bank has also received the licence for a branch in Abu Dhabi and intends to become fully operative in early 2012. Doha Bank also inaugurated two new branches at Umm Salal and Aspire Zone, three new electronic branches in Moaither, Qatar Petroleum Handassa, Parco mall and the first Payroll Card Centre e-Branch to cater to the employees of corporate customers who benefit from the Payroll Card solution package. Doha Bank also inaugurated its new Corporate Service Center which is designed to offer a number of cash related services. In addition to this Doha Bank Assurance Company LLC (DBAC), a 100% owned subsidiary of Doha Bank has been awarded the Retail Insurance operating license.
On the Retail front, Mr. R.Seetharaman highlighted that, “Doha bank launched, the marvelous 25% cash back offer with multiple opportunities for Free for Life Dream Credit Cards holders. Similarly, Al Dana with a total of 20.22 Kg of Gold a mega prize, proved to be the greatest engagement program running with distinction and yielding the highest chances with more winners and larger than life prizes. In addition to these, the innovative loan portfolio, presented the Best Car Loan Offer at ZERO Interest Rate with the lowest interest rate among all rates in Qatar, the new “Education Pack” following the splendid accomplishments of the “Education for a New Era” initiative set by the Qatari Government and an attractive personal loan promotion scheme which charged the lowest rates in Qatar with a mere 2.22% or 3.33% interest rate for the first year, with an aggressive repayment period of 72 months for Qatari customers and 48 months for expats. He also added, “Doha Bank launched the “Al Riyada VISA Infinite credit card” which will grant the loyal clients the experience of a multitude of distinctive offers and VIP treatment around the world. Doha Bank also launched the First Ever Shopping Co-Branded Credit Card in partnership with LULU hypermarkets Group and entered into an agreement with Regency Travels and Tours to launch the ”Travel Card”, in arrangement with Master Card. The card which is known as the Traveller card and stands true to its name, with acceptance at over 30 million MasterCard merchants and 1.5 million ATM locations worldwide as well as for online transactions over the Internet. Doha Bank also made much business tie ups with many local merchants like Renaissance Hotel and Q-post aiming at a distinguished product and service combination for our customers. Doha Bank, the leader in innovative customer centric solutions has launched a state-of-the-art Mobile Banking application to meet the customer’s lifestyle needs of instant and straightforward access to their finances. The service is available for Apple iPhone, Blackberry, Android and WAP enabled mobile devices. In addition to this, Doha Banks’ “Transfer Your Loan and Save 25% on your Interest” Personal Loan for Qataris which was launched with the lowest interest rates among all offers in the market became a huge success”.
On the International front, Mr. R.Seetharaman highlighted that, “Doha Bank also entered into an agreement with Akbank, and National Bank Limited for remittance of funds from Qatar to Turkey and Bangladesh respectively for a hassle free remittance facility. From the Global Corporate banking perspective, Doha Bank signed a separate Memorandum of Understanding (MoU) with the SME Chamber of India and Qatar Development Bank to strengthen the Small & Medium Enterprises (SME) sector in Qatar. Working in partnership with QDB, Doha Bank will utilize the specifically designed “Al Dhameen” Finance Assurance scheme to support and boost the activities of the SME segment in Qatar. He said, “Recognizing solid performance the International rating agencies, Moody’s, Standard & Poors, Capital Intelligence and Fitch Ratings, have assigned a stable outlook for Doha Bank owing to its consistently strong financial fundamentals, asset quality and robust liquidity. In addition to this, Standard & Poors maintained the rating on Doha Bank Assurance Company (DBAC)”.
Continuing its knowledge sharing efforts, Doha Bank conducted a host of knowledge sharing sessions in Qatar and other countries in GCC. “Customer Advantage” in Qatar and UAE, “Enterprise Risk Integration” in Qatar and UAE are some of such seminars. These sessions were attended by customers of Doha Bank, experienced bankers, key industry players, Diplomats representing respective foreign embassies, Government dignitaries. Doha Bank also actively participated in The Commonwealth Business forum in Perth, IMF meeting in Washington, SME Leadership Summit in India, The Global India Business Meeting in Naples, Annual International Arab Banking Summit in Rome, Annual Arab Investment summit in Abu Dhabi, The Financial thoughts leadership Summit in Doha, etc., to mention a few.
Doha Bank Group CEO, Mr. R.Seetharaman was elated on the awards won by the Bank and said, “In a moment of pride and excitement, Doha Bank received “Best Bank in Qatar Award” from EMEA Finance, “Bank of the Year 2011 in Qatar” by Arabian Business, “Best Commercial Bank in Qatar Award” award from World Finance, and “World’s Best Trade Finance Provider in Qatar 2011” award from Global Finance. Doha Bank also maintained the winning streak at the Golden Peacock Awards bagging the “Golden peacock award for Sustainability” and “Golden peacock award for Corporate Social Responsibility”. In addition to this, Doha Bank also “Asia’s Best Brand Award”, “GTR Best Trade Finance Bank in Qatar”, “The Diamond Eye Awards for Quality Commitment & Excellence”, “Best Technical website Award”, Best Retail Internet Banking Award”, “Citi Performance Excellence Award for Straight through Processing”, and “Euro Straight through Processing Excellence Award” in the year 2011. These awards and recognitions are always inspiring for us to move forward with renewed zeal and determination to be the best. Doha Bank was recertified ISO20000 certification for its continuous compliance to global standard. In addition to this, Doha Islamic, was certified with the coveted ISO 9001:2008 Certification for its Quality Management System and is the first bank in Qatar to obtain this certification for its Islamic Banking division.”
While mentioning the activities pertaining to the Corporate Social Responsibility, he highlighted, “Launch of the nationwide ECO-Schools Program in Qatar in association with UNESCO aiming at encouraging and supporting all the schools in Qatar, irrespective of level or discipline to proactively participate in the implementation of good environmental practices. Activities like the Beach Clean-up Campaign 2011 in coordination with the Ministry of Environment and Al Wakra Municipality, held at Al Wakra Beach, reduction of carbon footprint and increased ECO-consciousness added to the list of Doha Bank’s CSR activities in 2011. Under the supervision of the Shari’a Supervisory Board, collected donations from delayed payment of fines imposed on customers, and donated the same for benevolent ends. Doha Bank donated QR 300,000 to flood ravaged Pakistan’s relief and recovery efforts. Doha Bank’s donation is being made through Qatar Charity, Eid Charity and Qatar Red Crescent Society, with each getting QR 100,000”.
While highlighting the immediate future plan, Mr. R.Seetharaman added, “We look upon 2012 as the year of value creations. In Doha Bank customer is our priority and all the initiatives undertaken are directed towards customer satisfaction. In line with organization’s Strategic plan, the initiatives like, enhancing customer service experience, new products and services, Reducing Carbon footprint by setting up Carbon Exchange house, are a few value creators to be implemented this year”. He attributed the forward looking vision of board, high level of commitment of management and staff, customer care, best suite of products and services, and ongoing product and service improvement as the main reasons for Doha Bank reaching this coveted position. He concluded saying, ‘We are committed to sustain the growth, profitability and stakeholder and customer expectations, and maintain our hall mark in terms of performance, innovation, security and quality’.