Doha Bank has reported a net profit of QR471mn in the first half (H1) of this year.
“The bank’s core revenue streams have shown a sustainable earning capacity reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance, especially at the times when the bank is consolidating its asset growth,” said Sheikh Fahad bin Mohamad bin Jabor al-Thani, Doha Bank chairman.
The interest earnings expanded 12.5% year-on-year in the review period.
Total assets amounted to QR89.2bn. Net loans and advances stood at QR57.9bn, while customer deposits were QR51.6bn.
Highlighting that the bank’s total equity was QR12.5bn, Doha Bank managing director Sheikh Abdul Rehman bin Mohamad bin Jabor al-Thani said through the strategic utilisation of the shareholder’s funds by way of increasing performance levels, the return on average shareholders’ equity stood at 10% at the end of June 30, 2018.
The bank, given the scale of operations, has achieved a return on the average assets of 1.03% at the end of six months ended June 30, 2018.
The bank launched the Qatar’s first exchange-traded fund as a tool for investment; introduced a new salary transfer package with additional benefits to its customers and launched Al Jana Series 7 — a new premium fixed deposit scheme with high rates of return.
Highlighting the bank’s key initiatives and innovations, its group chief executive Dr R Seetharaman said, “Doha Bank looks to set the industry standard and continually explore new financial instruments that drive maximum value.”
In continuation of its international expansion strategy, after successful establishment of Mumbai and Kochi branches in India, Doha Bank inaugurated its third dedicated branch in Chennai.
The bank has also formally inaugurated the representative office in Sri Lanka to capture the synergistic opportunities between Qatar, Sri Lanka and India.
During the year, Doha Bank has successfully implemented the new accounting standards (IFRS 9) as directed by the Qatar Central Bank, wherein a conservative approach has been taken on recognition of impairments from the current approach of ‘incurred losses’ to forward looking ‘expected losses’.
International credit rating agency Fitch re-affirmed Doha Bank’s rating at ‘A’ and upgraded the outlook to ‘stable’.
Recently, Moody’s also upgraded the status to ‘stable’.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Qatar scores high in government effectiveness
Turkey hikes tariffs on imports of several US products
Indian rupee hits record low of 70 to the dollar
Musk talking to Saudi fund, others as he seeks Tesla buyout financing
Qatar, GCC countries may maintain currency peg over next decade: BMI
Plans for S.Korean LED plant in Qatar ‘on track’, says embassy Official
Qatar is a promising market for South Korean industries, says envoy