Doha Bank has reported net profit of QR769mn for the year ended 2023 and recommended a 7.5% dividend for shareholders.
Total assets reached QR101.3bn, registering an annual growth of 3.7%; while net loans and advances were flat at QR58bn, said Sheikh Fahad bin Mohamed bin Jabor al-Thani, chairman of Doha Bank.
However, the bank achieved a 5% year-on-year growth in the private sector lending in the review period.
Customer deposits grew 2.9% to QR51.6bn and the investment portfolio was QR30.4bn, recording a 21.7% growth on an annualised basis.
Sheikh Fahad said net operating income stood at QR2.8bn, while net fee and commission income grew by 1.5% to QR376mn at the end of December 2023.
“The bank continues to maintain solid capital and liquidity positions. The common equity Tier 1 (CET1) ratio remains at 12.98% and the total capital adequacy ratio is strong at 19.25%," said Sheikh Abdul Rahman bin Mohamed bin Jabor al-Thani, managing director of Doha Bank.
Liquidity coverage ratio continues to be high at 142%. The total shareholder’s equity reached QR14.4bn, an increase of 2.6% year-on-year, while the earnings-per-share was QR0.25.
“In challenging market conditions, Doha Bank continues to distinguish itself through its products and services. The bank also maintains a strong emphasis on the transformation and optimisation of its operations both domestically and abroad, in accordance with the bank’s five-year strategy,” according to the group chief executive officer Sheikh Abdulrahman bin Fahad bin Faisal al-Thani.
During the year, the bank consolidated the operations of representative offices in Sri Lanka and Canada, which were merged with the Bangladesh and London offices respectively. The Chennai branch was merged with the Mumbai office in India.
“In 2023, the bank was successful in the merging of foreign operations, towards creating further a regional hub structure which will allow the bank to optimise the international network, towards improving further the diversification of the bank’s funding sources,” he said.
Stressing that the bank is working to strengthen its relationships and improving the asset quality as it waits for the private sector growth to evolve in Qatar, he said "we are expanding our resources to concentrate on the syndications and public sector side of the business."
Doha Bank completed its sustainable finance framework effectively in the first half of 2023 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) as the framework’s completion shows the bank’s dedication to sustainability.
In line with its innovative practices, the bank launched two platforms, namely, an FX and Commodity hedging programme for corporate customers with solutions to help manage their underlying market risks, and the Qatar Trading Platform (Q-Trade) to enhance trading and brokerage services for customers. Furthermore, the bank partnered with Bank Al Habib to provide money transfers to Pakistan.
Doha Bank has been a pioneer in adopting the best practices and standards of ESG (environment, social and governance) in the region, demonstrating its commitment to creating positive impact for its stakeholders and the society at large.