Doha Bank has reported a net profit of QR354mn in the first three months of this year, aided by its robust operations.
“The bank’s core revenue streams have shown strength over the prior year period, reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on the bank’s productive operational excellence,” Doha Bank chairman Sheikh Fahad bin Mohamad bin Jabor al-Thani said.
The bank sustained the core income as the net operating income is marginally up 0.4% compared to same period in 2015, he said.
Total assets increased by QR10.5bn, a growth of 14.2%, to QR84.7bn at the end of March 31, 2016. Net loans and advances increased by 11.8% to QR56.9bn.
Deposits showed a year-on-year expansion of 13.7% to QR51.4bn, which is the evidence of strong liquidity position of the bank, its spokesman said.
“The bank has become extremely strong over the years with total equity, as at March 31, 2016, standing at QR12.8bn, registering an increase of 19.6% during the last 12 months,” Doha Bank managing director Sheikh Abdul Rehman bin Mohamad bin Jabor al-Thani said.
Through the strategic utilisation of the shareholders’ funds, the return on average shareholders’ equity is 15.9%, one of the best in the industry, according to him.
Given the scale of operations, the bank has achieved a very high return on average assets of 1.69% at the end of March 31, 2016, which is a clear demonstration of the effective utilisation of shareholders’ funds and optimum asset allocation strategies, he said.
In recognition of Doha Bank’s ability to maintain strong year-on-year growth across assets, loans and deposits, its credit ratings were re-affirmed by various rating agencies.
Doha Bank Group chief executive Dr R Seetharaman said it launched ‘biometric access’ for mobile banking, offering users the option of using fingerprints to authenticate identities to sign into mobile banking instead of user ID and password.
The other new features introduced in the application include local fund transfer, D-Cardless withdrawals, Western Union money transfer, remittances through credit card and click card reload.
Doha Bank also offered various limited period offers such as ‘0% payment plans’, ‘free cabin bag’ and ‘complementary gift vouchers’ in coordination with popular merchants for all its credit card customers.
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