Driven by a strategy to “innovate, diversify and capitalise on market synergies”, Doha Bank maintained its strong performance and posted a first-quarter net profit of QR420mn, up 5.2% on the same period last year.
The bank’s total assets stood at QR74.2bn in March, up 6% (QR4.1bn) on the same period in 2014.
Doha Bank’s loans and advances stood at QR50.8bn, gaining 17.1% on the same period in 2014, while customer deposits rose 4% to QR45.2bn over Q1, last year.
The increase in customer deposits is evidence of the strong liquidity position of the bank.
“This is another outstanding result and is a clear demonstration that Doha Bank continues to perform consistently,” said Sheikh Fahad bin Mohamed bin Jabor al-Thani, Doha Bank chairman.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The bank has become extremely strong over the years with total equity, as on March 31, standing at QR10.7bn, registering an increase of 1.2% 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 19.7% in March, 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 2.25% in March, which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies”.
Doha Bank chief executive officer, Dr R Seetharaman said the bank’s extra ordinary general assembly meeting held on March 4 had “unanimously approved” the issuance of Tier 1 Capital Instruments amounting to QR2bn by June 30, subject to necessary regulatory approvals.
The shareholders also approved issuance of debt notes - bonds using Doha Bank EMTN Programme, subject to further regulatory approvals from relevant authorities. Earlier during the year, the general assembly approved and distributed 40% cash dividend to the shareholders.
In line with the bank’s global expansion strategy, Doha Bank opened its 12th representative office in South Africa. The bank also completed the process of amalgamation of the India Operations of the HSBC Bank Oman in March and has taken over the operations of its two branches in Mumbai and Kochi on a “going concern” basis.
Seetharaman said, “In testament to Doha Bank’s commitment to offering its customers the latest in digital banking, Doha Bank launched its digitised account opening solution - ‘Tablet Banking.’ This initiative is the ‘first’ in Qatar.”
The new account opening process is engineered with a contemporary twist and will attend to the customers’ banking needs, whereby customers can open an account and receive their debit card instantly at Doha Bank branch. In commemoration of International Women’s Day, Doha Bank also launched an exclusive ladies banking package: ‘Al Asriya’.
The package includes a “ladies account, which can be opened for as low as QR5,000, a special pink floral designed credit card and a complimentary health insurance cover.”
In yet another year of offering life-changing rewards and opportunities for its customers, Doha Bank announced its flagship ‘Al Dana Savings Scheme’ for 2015.
Now in its 12th year, the scheme will offer a wider range of rewards, with six millionaire draws lined up for the year. On the back of its continued success in 2014, the bank extended its dining offers on preferred restaurants and cafes in Qatar.
Doha Bank is the first and only bank to publish a ‘Repeat Customer Index’ which keeps track of how many DB cardholders regularly visit a particular restaurant to enjoy dining out.
During this quarter, Doha Bank also announced the winners of the ‘Win your loan back’ campaign, which offered customers an opportunity to wipe off their loan.



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