Doha: Doha Bank has reported a net profit of QR933m for the first nine months of the year, an increase of 4.6 percent compared to QR892m during the same period last year (9M 2021), Chairman of the Board of Directors of Doha Bank Sheikh Fahad bin Mohammad bin Jabor Al Thani said during the bank’s announcement of its financial results for the third quarter of 2022.
He stated that during the nine months period ended September 30, 2022 the net commission income grew by 22.8 percent to QR273m from QR222m during the same period last year.
Net interest income reached QR1.8bn, and the net operating income stood at QR2.3bn.
He further stated that the bank’s net interest income improved by 0.7 percent and net operating income improved by 3.9 percent quarter-on-quarter (Q3 2022 vs Q2 2022). He further added that the bank has made significant progress in improving the cost management and efficient utilisation of resources where the non-staff cost for the period decreased by 0.7 percent as compared to same period last year showing the bank’s productive operational performance.
Sheikh Fahad added that the bank’s total assets stood at QR94.2bn. Net loans and advances stood at QR56.2bn as at September 30, 2022. Customer deposits reached QR49.1bn as at September 30, 2022.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said: “The total equity stood at QR14.2bn as at September 30, 2022. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 19.52 percent as at September 30, 2022 from 19.81 percent as compared to the same period last year. The bank, given the scale of its operations, has achieved a return on the average assets of 1.27 percent as at September 30, 2022”.
Sheikh Fahad further stated: “Looking ahead, we continue to be optimistic about the prospects of the bank. The ongoing digital transformation of Doha Bank has allowed us to be a major participant and to incubate new lines of businesses that leverage upon our relationships”.
Sheikh Fahad said also that under the wise leadership pursued by the Amir H H Sheikh Tamim bin Hamad Al Thani, and his directives to provide support to all sectors, and as part of the collective efforts made by all agencies and institutions in Qatar during the upcoming World Cup Qatar 2022, and based on the instructions issued by the Qatar Central Bank in this regard, Doha Bank has made all efforts to support the plans of the State, QCB and companies, and have been working to address the obstacles faced by all customers. Furthermore, Sheikh Fahad expressed confidence that all customers of the bank will adapt to the digital banking transformation adopted by Doha Bank.
