Doha Bank Posts 1.01 Billion in Net Profit with Best Performing 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 third quarter of 2011. Doha Bank has posted a net profit for the 9 months period ending 30 September 2011 of QAR 1.01 billion which represents a significant increase of 13% versus the corresponding period last year. For the nine months ended 30 September 2011 net interest income rose by 22.1% to QAR 1.3 billion. Net operating income also showed an impressive increase of 13.6% rising to QAR 1.75 billion. Net loans & advances increased to QAR 28.4 billion at 30 September 2011 from QAR 26.6 billion last year which represented an increase of 6.5%. Deposits of QAR 30.2 billion as at 30 September 2011 showing a growth of 7% compared to QAR 28.3 billion last year 30 September 2010.
His Excellency Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “These results not only demonstrate the strength of the Banks underlying operations but also the efficient deployment of shareholder’s funds which have generated a return on average equity of 22.4% which continues to be amongst the highest within the GCC. The Bank also managed to achieve a very high return on average assets of 2.77% which is a clear demonstration of optimum asset allocation strategies”.
Talking on the key achievements in the third quarter of 2011, Mr. R Seetharaman, Group Chief Executive officer, highlighted the unique innovations and initiatives from Doha Bank.
On the Retail front, Mr. R.Seetharaman, said, “Doha bank launched, the marvelous 25% cash back offer with multiple opportunities for Free For Life Dream Credit Cards holders to benefit whether they are traveling or not. Similarly, Al Dana proved to be the greatest engagement programme 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 and the new “Education Pack” following the splendid accomplishments of the “Education for a New Era” initiative set by the Qatari Government. All these were offered in line with Doha Bank’s continuing efforts to deliver the highest value added benefits to its current and potential customers”.
Doha Bank relocated the Ministry of Commerce branch to City Center Mall and this initiative will now enable Doha Bank Ministry of Commerce customers to avail full Retail Banking services from 9-to-9 daily including weekends thus bringing added convenience to our customers.
From the Corporate banking perspective, Mr. R. Seetharaman on behalf of Doha Bank signed a Memorandum of Understanding with the SME Chamber of India at the National Level Flagship event jointly organized by The SME Chamber of India, Indian SME Knowledge Forum and India International Trade Centre at Mumbai.
Doha Bank continued its efforts of conducting knowledge sharing sessions, by hosting the “Enterprise Risk Integration” session for the benefit of its customers at Doha Bank Head office Tower. This knowledge sharing session was attended by Diplomats representing respective foreign embassies operating in the State of Qatar, customers of Doha Bank, renowned bankers, industrialists, analysts, economists and regulators from the State of Qatar. Mr. R.Seetharaman addressed the gathering as the keynote speaker setting the tone for the evening and gave his outlook on Global economy and the GCC Economy and highlighted major risks that are faced by the Global Economy. Mr. R Seetharaman also participated at the recently concluded Annual IMF meeting held in September at Washington, which deliberated on global and regional economic outlook.
In a moment of pride and excitement, Doha Bank also received “Bank of the Year 2011 in Qatar” by Arabian Business and “Best Commercial Bank in Qatar” award from World Finance, and “World’s Best Trade Finance Provider in Qatar 2011” award from Global Finance. Doha Bank has also been awarded as “Asia’s Best Brand” by the CMO Council. Mr. R. Seetharaman, while expressing his elation said, “Building brand equity is a key role of today’s CEO and brand strategy is also a critical step in planning. Doha Bank and its team always strive to protect and build its brand”.
On the Corporate Social Responsibility front and as a first-of-its-kind initiative by a local Islamic bank, Doha Islamic’s management, 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. Adding to this, 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.
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. Doha Bank has once again been applauded by renowned financial sector analysts for its pioneering and leadership role in taking Financial Services experience in the GCC region to newer heights.