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DOHA: Doha Bank’s net profit for 2012 third quarter (Q3) recorded an impressive QR1.06bn, up five percent, as compared to QR1.01bn for the same period in 2011. The bank increased its net operating income by three percent to QR1.8bn during the period.
Announcing the results, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the bank said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
The bank’s total assets increased by more than QR2.8bn, a growth of more than 5.6 percent from QR50bn as at September 30 last year to QR52.8bn as at September 30 this year. Net loans and advances increased to QR31.4bn from QR28.4bn for the same period last year, registering a growth of 10.6 percent.
Deposits showed a year-on-year increase of 2.8 percent from QR30.2bn to QR 31.1bn as at September 30, 2012 owing to the strong liquidity position of the Bank.
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 maximise our performance levels, the return on average equity is 21.2 percent as at September 30, 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 percent 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.
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 percent 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, 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 five grams up to one 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 zero percent interest rate up to six months leading to the lowest rate for the entire duration.