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Doha Bank posts $115m net profit, up 5.2pc

Doha Bank posts $115m net profit, up 5.2pc

DUBAI, 18 hours, 57 minutes ago

Doha Bank has posted a net profit of QR420 million ($115.2 million) for the first quarter of the year, compared to QR399 million for the same period last year, an increase of 5.2 per cent.

The bank’s net operating income increased 2.3 per cent to QR714 million, while its total assets increase QR4.1 billion, up six per cent.

Meanwhile, its customer deposits showed a year-on-year increase of four per cent from QR43.5 billion to QR45.2 billion during the period.

Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, managing director, said: “The bank has become extremely strong over the years with total equity, as at March 31, at QR10.7 billion, registering an increase of 1.2 per cent during the last twelve months.

“Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 19.7 per cent. The bank, given the scale of operations, has achieved a very high return on the average assets of 2.25 per cent, which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies.”
Due to the bank’s strategy to innovate, diversify and capitalise on market synergies, Doha Bank continues to report strong results, said a statement.

Dr R Seetharaman, chief executive officer, highlighted that the Extra Ordinary General Assembly meeting of the shareholders held recently, had unanimously approved the issuance of Tier 1 Capital Instruments amounting to QR2 billion on or before June 30, subject to necessary regulatory approvals.

The shareholders also approved issuance of Debt Notes ‘Bonds’ using Doha Bank EMTN Programme, subject to further regulatory approvals from relevant authorities.

The bank also completed the process of amalgamation of the India operations of the HSBC Bank Oman as at the close of business on March 31 and have taken over the operations of their two branches in Mumbai and Kochi on a going concern basis, he said.

“In testament to Doha Bank’s commitment to offer its customer the latest in digital banking, Doha Bank launched its digitised account opening solution – ‘Tablet Banking’. This is the ‘first’ in Qatar initiative. The new account opening process is engineered with a contemporary twist and will attend to the customers’ banking needs, whereby customers can open an account and receive their debit card instantly at Doha Bank branch,” said Dr Seetharaman.

“In commemoration of International Women’s Day, Doha Bank also launched an exclusive ladies banking package – ‘Al Asriya’. The package includes a ladies account, which can be opened for as low as QAR 5,000, a special pink floral designed credit card and a complimentary health insurance cover,” he added. – TradeArabia News Service

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