Doha Bank posts QR1.04bn net profit in third quarter

 24 Oct 2017 - 0:22

Doha Bank posts QR1.04bn net profit in third quarter
Doha Bank Chief Executive Officer Dr R Seetharaman

The Peninsula

Doha Bank recorded an impressive net profit of QR1.04bn for the third quarter of 2017 (Q3,17), an increase of 2.9 percent compared to QR1.01bn for the same period in 2016.
The bank increased net operating income by 5.8 percent to QR2.2bn. Total assets increased by QR8.0bn, a growth of 9.4 percent, from QR84.4bn as at 30 September 2016 to QR92.4bn as at 30 September 2017. Net loans and advances increased to QR59.0bn from QR55.6bn, reflecting a 6.3 percent growth.
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 customer deposits showed a year on year increase of 8.1 percent from QR48.6bn to QR52.5bn, which is evidence of 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 September 2017, at QR15.0bn, 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 14.1 percent as at 30 September 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 1.53 percent as at 30 September 2017 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, said “Doha Bank’s strong results once again highlights the strength of its products and services, ongoing customer demand, capitalizing on market synergies in a challenging and competitive environment, resilient economy and strong banking fundamentals in Qatar.” During the year, Doha Bank successfully completed the capital increase by way of rights issue as well as distributed 30 percent cash dividend to the shareholders for the year 2016.
Doha Bank is in the final stages of launching the QE Index ETF (QETF). During the Quarter, Doha Bank launched Non-Resident Indians (NRI) Home Loan and Wealth Management product, ‘Estate Planning’ through Warmond preceded by ‘Doha Miles’, its new loyalty program. In line with the bank’s continuing re-alignment of its domestic branch network, Doha Bank inaugurated its new branch in Mall of Qatar, opened another new branch at Doha Festival City in addition to relocating the Airport branch.
The fourteenth ‘Al Dana’ savings scheme’s seven prize draws till date, got to see the winners including a popular international football player, walk away with life-changing prizes.
In a step aimed at rewarding environmentally-conscious new homeowners, Doha Bank, has launched Qatar’s first ‘Green Mortgage’ home loan programme. Prior to this, Doha Bank announced a car loan offer bundled with a free Comprehensive Car Insurance, retail home loan offer with 12 months payment holiday.