Doha Bank profit up 5.2pc at QR787m

July 17, 2014 - 5:51:36 am
FROM LEFT: Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani, Managing Director Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani and Group CEO R Seetharaman.

DOHA: Doha Bank has reported a net profit of QR787m for the first half of 2014, showing an increase of 5.2 percent compared to QR748m for the corresponding period in 2013.

The financials was announced yesterday by the Chairman of Doha Bank, Sheikh Fahad bin Mohammad bin Jabor Al Thani, said a press statement. The net operating income increased by 14 percent to QR1.45bn. Total assets increased by QR12.8bn, a growth of 21.6 percent, from QR59.2bn as on June 30 2013 to QR72bn as on June 30, 2014. Net loans and advances increased to QR45.3bn as on June 30, 2014 from QR36.2bn for the same period last year, registering a growth of more than 25.3 percent.

Customer deposits showed a year-on-year increase of 30.5 percent from QR 34.1bn to QR44.5bn as on June 30, 2014, which reflects on liquidity position of the Bank.

Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank, said: “The Bank continues to perform well with total equity, as at 30 June 2014, at QR10.9bn, registering an increase of 25.3 percent during the last twelve months. Through the efficient asset allocation model the return on average equity is 16.5 percent as at 30 June 2014 one of the best in the industry. The Bank has achieved a very high return on average assets of 2.3 percent as at June  30, 2014 which is a clear demonstration of the effective utilisation of shareholder’s funds.”

Dr R Seetharaman, Group CEO, said: “In line with the Bank’s international expansion strategy and further to obtaining branch license to operate in India from the Reserve Bank of India, Doha Bank has entered into an agreement with HSBC Bank Oman SAOG, an indirect 51 percent owned subsidiary of HSBC Holdings, to purchase their banking business in India subject to approvals of Regulatory Authorities in Qatar, India, Oman and Jersey”.

Doha Bank has also extended the personal loan offer for another three months to give its customers more opportunities to consolidate their liabilities under one single personal loan.

The Peninsula

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