Doha Bank Announces 5% Profit Growth with Highest Return on Equity
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 2012. Net profit for Q3 2012 recorded an impressive QAR 1,061 million which represented a growth of 5% as compared to QAR 1,011 million for the same period in 2011. 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 3% to QAR 1.8 billion. Total assets increased by more than QAR 2.8 billion, a growth of more than 5.6%, from QAR 50 billion as at 30 September 2011 to QAR 52.8 billion as at 30 September 2012. Net Loans & Advances increased to QAR 31.4 billion from QAR 28.4 billion for the same period last year, registering a growth of 10.6%. Deposits showed a year on year increase of 2.8% from 30.2 billion to QAR 31.1 billion as at 30 September 2012 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 21.2% as at 30 September 2012 which is the highest in the Qatar. The Bank, given the scale of operations, has achieved a very high return on average assets of 2.69% as at 30 September 2012 which is a clear demonstration of optimum asset allocation strategies”.
Talking on the key achievements in the third quarter of 2012, Dr. R Seetharaman, Group Chief Executive officer, highlighted the unique innovations and initiatives from Doha Bank.
Dr. R. Seetharaman said, “The Board of Directors has resolved in its meeting held in September to submit a recommendation to the Extraordinary General Assembly to increase the capital of the bank during the 1st quarter of 2013 by 50% to meet the bank’s strategic business development requirements.
The instruments, issue’s value and premium, date of issue, and any other related details would be disclosed in accordance with the enforced laws after completion of necessary studies and obtaining the approval of the competent authorities.”
On the Retail front, Dr. R.Seetharaman, said, “Doha bank strengthened its Gold Bullion offerings by launching ‘Go for Gold Campaign’. You can buy the purest gold bars, in flexible denominations of 5 grams up to 1 kilogram at the most competitive price. In addition to this, Doha Bank for the first time in Qatar introduced ‘Loan against Pre-Owned Gold’. This summer Doha Bank also introduced the ‘Best Car Loan Offer’ in Qatar, which comes with 0% interest rate up to six months leading to the lowest rate for the entire duration. In addition, you get a 3 months grace period on your car loan installments, competitive rates on your car insurance and a package of unique value added products and services. Doha Bank announced the lucky winners of MasterCard’s Travel, Spend and Win promotion. Doha Bank together with LULU Hypermarkets Inc., the leading departmental and hypermarket chain in the GCC, recently held a very special event to mark the first anniversary of the launch of the LULU Doha Bank Shopping credit card. The LULU Doha Bank shopping credit card is Qatar’s first shopping credit card and the only credit card that guarantees an instant 5% savings on all purchases made across all LULU Hypermarkets in Qatar to cardholders. Doha Bank conducted the 6th Al Dana draw in July 2012. This year alone, Al Dana has awarded QR 6 million to 44 loyal Al Dana winners who have maintained a minimum monthly balance of QR 1000, while giving extra chances with every additional QR 1000 to ensure loyalty is reciprocated with a bucket of cash. Doha Bank has introduced the Small and Medium Enterprises Product line in its overseas branch of Kuwait, in addition to the offerings in the Qatar and UAE market.”
Doha Bank augmented its expansive network by opening an Electronic Branch in Lulu Shopping Mall in Al Khor. This will help Doha Bank to serve Qatar’s communities in every corner of the country. Doha Bank also announced that it’s wholly owned insurance subsidiary Doha Bank Assurance Company LLC has opened the first Insurance Branch fully dedicated to Retail on the Ground Floor of their C Ring Road Headquarters.
Doha Bank continued its efforts of conducting knowledge sharing sessions, by hosting the “Market Opportunities, Risks and Solutions” session for the benefit of its customers in Doha. HE Sheikh Abdulla bin Saud Al Thani, the Governor of Qatar Central Bank was the Chief Guest at the seminar. This was followed by two more seminars in Kuwait and Dubai. These knowledge sharing sessions were attended by Diplomats, Charge de affairs representing respective foreign embassies, customers of Doha Bank, renowned bankers, industrialists, analysts, economists and regulators from GCC. Dr. R.Seetharaman addressed these gatherings as the keynote speaker.
In a moment of pride and excitement, Doha Bank has received “The Bizz 2012 – World Business leader” award from World Confederation of Businesses. For their visionary Leadership and continuous mentoring H.E. Sh. Fahad Bin Mohammad Bin Jabor Al Thani – Chairman, H.E. Sh. Abdul Rehman Bin Mohammad Bin Jabor Al Thani – Managing Director and Mr. Ahmed Abdul Rahman Yousuf Obaidan Fakhroo – Vice Chairman were awarded with “Excellence in Business Leadership”. During the same ceremony, Dr R. Seetharaman was also recognized as “World Leader Business person” for his invaluable contributions. Doha Bank has also won the prestigious “Golden Europe Award for Quality and Commercial Prestige.”
On the Corporate Social Responsibility front Doha Bank and iLoveQatar.net concluded a pact to support each other in engaging with the local communities residing in Qatar. Marked as the first partnership of its kind in Qatar, the two organizations have come together with the common goal of “Making Qatar a better place”. In another innovative initiative, Doha Bank has released a new application for Ramadan dedicated to all the people who want to know the exact prayer time throughout the holy month, engage in the QUR’AN Al Kareem Recitals and in calculating the Zakat in both currencies Qatari Riyals and USD, whereby you can grow your wealth, the gold price per gram and play to calculate your Zakat.
Recognizing this performance, International rating agencies, Moody’s, Standard & Poor’s, 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. Doha Bank has been applauded by renowned financial sector analysts for its pioneering and leadership role in taking Financial Services experience in the Middle Eastern region to newer heights.