Sheikh Fahad and Sheikh Abdul Rehman: Confident on consistent performance.
Doha Bank has posted a net profit of QR1.14bn in September, up 1% on the same period last year.
The total assets increased by QR12bn, a growth of 17.1%, from QR70.3bn in September 2014 to QR82.3bn in September this year, Doha Bank said yesterday.
Net loans and advances increased to QR54.4bn in September compared with QR44.6bn for the same period last year, registering a growth of 21.9%. Deposits showed a year on year increase of 18.3% from QR44bn in September 2014 to QR52bn in September this year, which the bank said was evidence of the strong liquidity position of the bank.
Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said, “This is another strong result and is clear demonstration that Doha Bank continues to perform consistently.”
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The bank continues to perform well with total equity, in Q3, 2015, at QR13.3bn, registering an increase of 17% during the last 12 months. Through the efficient asset allocation model the return on average equity was 17.1% in the third quarter, one of the best in the industry.
The bank has achieved a very high return on average assets of 1.93% in the third quarter, which is a clear demonstration of the effective utilisation of shareholder’s funds.
Sheikh Abdul Rehman said, “Doha Bank’s core revenue streams have shown strong growth over the prior year period reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on its productive operational performance.”
Doha Bank chief executive officer, Dr R Seetharaman said, “In line with our international expansion strategy and yet another milestone on this expansion path, Doha Bank inaugurated its 12th representative office in South Africa in June. This was preceded by Doha Bank completing the amalgamation formalities of the India operations of HSBC Bank Oman and the formal inauguration of its India operations in April.
“Doha Bank’s strong financial results highlight the strength of its products and services, ongoing customer demand, strategy to capitalise on market synergies in a challenging and competitive environment.”
During the year, Doha Bank completed its issuance of an additional Tier 1 capital instrument amounting to QR2bn, in line with the formal approvals received.
Doha Bank had also distributed 40% of the paid up capital as a cash dividend to the shareholders earlier during the year.
Highlighting Doha Bank’s key achievements and initiatives, Dr Seetharaman said, “Doha Bank continues to demonstrate innovative leadership in the country and as the partner of choice among global and regional payment players. To this effect, the bank has partnered with UnionPay International to be the first issuer of UnionPay cards in Qatar. Doha Bank’s customers having Visa Debit Card, Visa Credit Card or its flagship Al Dana Savings account were rewarded during the quarter under various promotion / schemes.
“Through the recently concluded ‘Summer Campaign’, credit card customers received up to 10% cash back on certain credit card spend and up to 5% on all international spend. Earlier during the year, Doha Bank also launched various initiatives and products such as the re-launch of its next-generation e-commerce hub, Doha Sooq (www.dohasooq.com), ‘Tablet Banking’ – to open an account and receive the debit card instantly and ‘Al Asriya’ - an exclusive ladies banking package. The bank has also partnered with Reliance ADA Group to provide synergy in product development and congruence in mutual infrastructure support.”
Underlining its role as a “frontrunner in providing excellent customer service” in Qatar, Seetharaman said, “Doha Bank continues to import significant amount of gold to meet the growing customer demand. In celebration of the spirit of Ramadan, Doha Bank hosted a special Suhoor banquet for its corporate clients. This was preceded by – ‘Business at Breakfast’, aimed at proactively addressing the needs of small and medium enterprises in Qatar.