Doha Bank reports QR627mn net profit in January-September 2023

Doha Bank has earned net profit of QR627mn in the first nine months (9M) of this year.
Total assets stood at QR96.3bn, while net loans and advances amounted to QR56.7bn and customer deposits QR45.3bn at the end of September 30, 2023.
Net operating income reached QR794mn, an increase of 11% on a quarterly basis. The lender's net interest income was QR562mn, which showed a growth of 4.5% quarter-on-quarter. Net fees and commissions increased by 1.6% compared to the same period of the previous year.
The bank saw a 2.2% growth in loans to the private sector compared to the same period of the previous year. On the other hand, it reported a 13% increase in provisions compared to the same period of the previous year, resulting in higher total provision coverage (including ECL or expected credit loss) of 108%.
Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani, managing director of Doha Bank said, the bank continues to maintain “solid” capital and liquidity positions with the common equity tier 1 (CET1) ratio remaining above 12.8%, marginally higher than the year before.
Total capital adequacy ratio is still one of the highest amongst Qatari banks, closing at 19.3%. Liquidity coverage ratio continues to be high, at 138.6%, partly due to the targeted longer-term refinancing of operations and other support measures. The total shareholder’s equity reached QR14.4bn, an increase of 2.1% year-to-date.
"As the bank's real differentiator for future growth, we will continue to place a strong emphasis on the consolidation of the bank's operations both domestically and abroad, in accordance with the five-year strategy. Additionally, the bank is working to strengthen its relationships and improving the asset quality," said Sheikh Abdulrahman bin Fahad bin Faisal al-Thani, the newly appointed group chief executive officer.
Doha Bank effectively completed its sustainable finance framework in the first half of the year and received a second party opinion from Morningstar Sustainalytics, which allows it to issue green, social, and sustainability financing instruments (depending on market opportunity and timing).
Doha Bank has closed its representative office in Sri Lanka as part of its ongoing rationalisation of its global network. It also closed its representative office in Canada and its branch in Chennai, India, in Q3-2023. These entities' operations have been effectively combined with the London representative office and the Kochi branch of Doha Bank, respectively.