Doha Bank records QR364m net profit in Q1
20 Apr 2017 - 0:44
Doha Bank’s net profit for the first quarter of 2017 recorded an impressive QR364m as compared to QR354m for the same period in 2016 showing an increase of 2.9 percent. The Bank increased net operating income by 1.0 percent to QR724m.
Announcing the bank’s financial results, Sheikh Fahad bin Mohammad bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
Doha Bank’s total assets increased by QR6.1bn, a year-on-year growth of 7.2 percent, from QR84.6bn to QR90.7bn. Net loans and advances increased to QR59.5bn, registering a growth of 4.6 percent. Customer deposits showed a year on year increase of 5.0 percent from QR51.4bn to QR54.0bn reflecting the strong liquidity position of the Bank.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said “The Bank has become extremely strong over the years with total equity, as at 31 March 2017, at QR13.0bn, registering an increase of 2.0 percent during the last twelve months. Through the strategic utilization of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 16.3 percent as at 31 March 2017 one of the best in the industry.
The Bank, given the scale of operations, has achieved a very high return on the average assets of 1.61 percent as at 31 March 2017 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”.
In light of the bank’s strong performance, Doha Bank approved and distributed 30 percent cash dividend to the shareholders for the year 2016. During the quarter, the EGM agreed to increase the bank’s capital by 20 percent by way of a Right’s issue.
Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, said “Despite the challenging market conditions, Doha Bank’s strong performance throws light on its superior products and services, ongoing customer demand, capitalizing on market synergies.”
Doha Bank continued its growth through key innovations, achievements and initiatives. In the first quarter of 2017, the bank has unveiled a new first-of-its-kind mobile application ‘Doha Bank My Book Qatar’.
The app is an ever-growing source of deals and voucher schemes that cover dining, beauty and wellness, leisure activities, health services and kids’ activities. Furthermore, to meet customer expectations, the bank has launched new international Money Transfer to 200+ countries via Mobile, improved customer experience on log-ins and payments on the mobile app, a new home loan campaign with attractive interest rates and grace period.
In addition, the bank has relocated its Airport road branch during the quarter. During the year, Doha Bank signed an agreement with Mastercard to introduce a number of payment solutions in Qatar.