Doha: Doha Bank has achieved a net profit of QR772m for the first nine months of the current financial year ended September 30, 2020 (Q3 2020) compared to QR819m reported for the same period in 2019.
The financial results for the third quarter (Q3) were announced by the Chairman of the Board of Directors of Doha Bank, Sheikh Fahad bin Mohammad bin Jabor Al Thani, yesterday.
Sheikh Fahad said that the Bank has made significant progress in improving the cost management and efficient utilisation of resources where the operating cost for the period improved by 3.3 percent as compared to same period last year thus reducing the cost to income ratio to 30.5 percent from 33.6 percent showing bank’s productive operational performance.
Sheikh Fahad added that as on September 30, 2020 the total assets of the Bank stood at QR106.5bn, compared to QR106.7bn same period last year. Net loans and advances was QR63.1bn as on September 30, 2020 as compared to QR65.0bn for the same period last year. Customer deposits stood at QR55.8bn as compared to QR58.9bn as at September 30, 2019.
He also pointed out that the total financial investment portfolio stood at QR25.4bn as compared to QR27.8bn for the same period in 2019.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank, said “The total shareholder’s equity stood at QR13.8bn as on September 30, 2020 registering a growth of 2.3 percent. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank increased to 18.38 percent as on September 30, 2020 from 16.85 percent as compared to the same period last year. The bank, given the scale of its operations, has achieved a return on the average assets of 0.96 percent as on September 30, 2020”.
