Doha Bank posts QR399m profit

 21 Apr 2014 - 6:24

(From left) Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani, Managing Director Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani and Group CEO Dr R Seetharaman.

DOHA: Doha Bank recorded an impressive QR399m net profit for the first quarter of 2014 (Q1, 14), up 1 percent, compared to QR395m for the same period in 2013. The bank increased its first quarter net operating income by 8.5 percent to QR697m.
Announcing the results yesterday Sheikh Fahad bin Mohammad bin Jabor Al Thani, the Chairman of the board of directors of Doha Bank, said the total assets increased by QR12.8bn, a growth of more than 22.4 percent to QR70.1bn from QR57.2bn a year ago. Net loans and advances increased to QR43.4bn from QR34.4bn for the same period last year, registering a growth of more than 26 percent. 
Customer deposits showed a year-on-year increase of 30.9 percent from QR33.2bn to QR43.5bn reflecting the bank’s strong liquidity position.
Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani, Managing Director of Doha Bank said: “The bank has become extremely strong over the years with total equity, as on March  31, 2014, recording at QR10.6bn, registering an increase of 24.7 percent during the last twelve months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average equity is 17.1 percent as on March 31, 2014 one of the best in the industry. The bank, given the scale of operations, has achieved a very high return on average assets of 2.33 percent as on March 31, 2014 which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies.” 
Highlighting the bank’s performance, Dr R Seetharaman, the Group Chief Executive Officer, said: “The year 2013 saw Doha Bank achieving significant milestones through capital enhancements, international expansion, introducing innovative products and services. The bank was highly successful in improvising on its performance, innovation, and quality as well as exceeding customer expectations. In the first quarter of 2014, the general assembly approved and distributed 45 percent cash dividend to the shareholders and elected the board members for the next three years term.” 
“Doha Bank was one of the receiving banks for the IPO of Mesaieed Petrochemical Holding Company. The bank announced the 100 percent finance option for IPO subscribers and their families. Having concluded 10 successful years of its unique savings scheme ‘Al Dana’, Doha Bank announced an all new prize structure for Al Dana 2014, which is one of the best rewarding savings programme in Qatar. This year the campaign is focusing on a core customer strategy of ‘Al Dana for Everyone’ which means there is something for everyone.”
Dr Seetharaman added: “In its constant endeavour to enhance customer experience as well as reinforce security, Doha Bank announced an agreement with Ooredoo for upgrading its network infrastructure. This agreement will enhance mobility and extend high security protocols, enabling customers to complete their transactions any time, any place, and from any device, with even more ease of access and functionality than ever before.” 
The bank was named the ‘Best Retail Bank in Qatar’ by The Asian Banker in Sydney. For demonstrating utmost commitment for public welfare and social consciousness, the bank received the ‘Golden Peacock Global Award 2013 for Corporate Social Responsibility’. This was received in addition to ‘Environmental Award’ from The Arab Organisation for Social Responsibility. 
The Peninsula