Doha Bank nets QR1.31bn profit

 21 Jan 2014 - 10:35


DOHA: Doha Bank’s net profit for the full year 2013 reached QR1.31bn, up 0.6 percent, compared to QR1.30bn recorded a year ago.
Announcing  the financial results here yesterday, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman, Doha Bank, said  the Board of Directors decided to recommend to the General Assembly to approve the distribution of cash dividends of 45 percent of the paid-up capital or QR4.5 per share to the shareholders.
Sheikh Fahad said that the bank has achieved noticeable growth rates in all financial indicators. The total assets rose from QR55.2bn in 2012 to QR67bn in 2013 — a growth rate of 21.3 percent. Loans and advances rose from QR33.8bn in 2012 to QR41.1bn in 2013, up 21.8 percent. 
Customer’s deposits grew by 23.6 percent, while the total deposits increased from QR34.4bn in 2012 to QR42.5bn in 2013. The total shareholders equity reached to QR11.3bn by year end, an increase of 49.3 percent compared to previous year.
He said the bank has achieved noticeable growth rate in the total operating income. The operating  income rose to QR2.5bn in 2013 from QR2.4bn in 2012. The earnings per share was QR5.29. The return on adjusted average shareholders’ equity and the return on average assets were 17.9 percent and 2.18 percent respectively. 
Sheikh Fahad noted that the bank has executed the EGM resolution which was passed by the shareholders on November 24, 2013 and issued the capital instruments amounting to QR2bn qualifying as additional Tier 1 Capital as per the terms and requirements of Qatar Central Bank. This issue will enhance Doha Bank’s Tier 1 Capital base, strengthen its Capital Adequacy Ratio and support bank’s prospects for achieving strategic goals and improve its competitive edge.
The audited financial statements declared net profit and cash dividends percentage are subject to the approval of both the supervisory authorities and the shareholders general assembly, Sheikh Fahad said. 
He added that the Board of Directors and the Executive Management will work together to achieve greater results and achieve the objectives that are outlined in the Bank’s strategy for the coming three years.
The Peninsula