Doha Bank posts solid H1 net profit with impressive ratios
20 Jul 2017 - 1:03
Doha Bank has recorded a net profit of QR716m for the first half of 2017 (H1 2017), an increase of 1.0 percent as compared to QR708m reported for the same period in 2016.
The Bank increased its net operating income by 4.8 percent to QR1.47bn. Total assets increased by QR4.5bn, a growth of 5.1 percent, from QR87.3bn as at 30 June 2016 to QR91.8bn as at 30 June 2017.
Announcing the bank’s impressive results, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
Doha Bank’s net loans and advances increased to QR59.2bn as at 30 June 2017 from QR55.4bn for the same period last year, registering a growth of 6.8 percent. Customer deposits showed a year-on-year increase of 6.8 percent from QR52.4bn to QR56.0bn, reflecting the strong liquidity position of the bank.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said “The Bank has become extremely strong over the years with total equity, as at 30 June 2017, at QR14.6bn, registering an increase of 11.7 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 shareholders’ equity is 14.7 percent as at 30 June 2017 one of the best in the industry. The Bank, given the scale of operations, has achieved a very high return on the average assets of 1.57 percent which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”.
Dr R Seetharaman, Chief Executive Officer of Doha Bank, commented: “In spite of challenging market conditions, Doha Bank’s strong results highlights the ever growing strength of its vision and strategy to capitalize on market synergies, ongoing customer demand, its strong suite of products and services, resilient economy and strong banking fundamentals in Qatar.” During the year, Doha Bank distributed 30 percent cash dividend to the shareholders for the year 2016 as well as successfully completed the capital increase by way of rights issue.”
Highlighting Doha Bank’s key achievements, initiatives and innovations, Dr Seetharaman said, “We are proud to announce that the bank as Founder, is in the final stage of launching the QE Index ETF (QETF). The QETF will invest and replicate the Qatar Index largest 20 companies in terms of market capitalization and liquid listings.”
Doha Bank’s credit ratings were re-affirmed by various credit rating agencies in recognition of Doha Bank’s ability to maintain strong growth trajectory and impressive financial ratios.