The CEO of Doha Bank R Seetharaman announcing the bank’s annual results with other officials yesterday. (Abdul Basit)
Doha: Doha Bank, Qatar’s fifth-largest lender by assets, expects 15 to 20 percent growth in current year mainly driven by increase in wholesale banking.
“Major contribution to growth in lending during the year will come from wholesale banking,” said R Seetharaman, group Chief Executive Officer of the bank. “We expect wholesale banking to contribute 60-70 percent in growth in current year,” he said.
The bank is aggressively looking to international markets for growth. The bank expects to increase the share of revenues from overseas to 50 percent in five years.
Currently revenue from international markets contributes around 10 percent in total revenue. The bank expects to start operation in India in 6-8 months. It has already got the licence to open branch in India.
The bank has finalised the sale of the QR2bn ($549m) bond — which enhances its Tier 1, or core, capital — on the last day of 2013.
“Two billion was added to the equity from a note that was issued on the last day of last year,” said Seetharman.