Doha Bank achieves QR765mn net profit in 2022

Doha Bank reported a QR765mn net profit in 2022, up 8.8% over QR704mn in 2021.In a meeting presided over by Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani yesterday, the board recommended to distribute cash dividends to shareholders for QR0.075 per share.According to Sheikh Fahad, net interest income reached QR2.3bn, while net commission income grew by 22.4% to reach QR371mn. Net operating income stood at QR2.9bn.Total assets amounted to QR97.6bn in 2022 and net loans and advances reached QR58.1bn last year, while the investment portfolio stood at QR25bn and customer deposits at QR50.1bn in 2022.Sheikh Fahad said total shareholder’s equity reached QR14.1bn by end of 2022, while earnings per share was QR0.25 and the return on average shareholders’ equity was 5.8% and the return on average assets was 0.77%.The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 19.94% in 2022, which is considered one of the best ratios in the country, he said.Sheikh Fahad said the audited financial statements, declared net profit, and distribution of cash dividends are subject to the approval of the regulatory authorities concerned and the general assembly of the shareholders.He also said the board of directors and the executive management will work together to achieve the objectives that are outlined in the bank’s strategy for the coming five years. The board also approved the resolution to call the Extra Ordinary and Ordinary General Assembly of shareholders on March 8. If a quorum is not met, a second meeting will be held on March 14.