After taking significant loan loss provision in relation to the bank’s overseas branches, Doha Bank posted a net profit of QR737mn at the end of third quarter of this year. 
In the same period last year, Doha Bank’s net profit stood at QR1.04bn.  
The results were announced by Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani in Doha yesterday. 
The interest income significantly grew by 10.6% as compared to the same period last year to reach QR2.9bn.
The net operating income stood at QR2.03bn, Doha Bank said yesterday.
Sheikh Fahad said, “The bank’s core revenue streams have shown a sustainable earning capacity reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on the bank’s productive operational performance.”
Doha Bank’s total assets stood at QR 90.4bn as of September 30. Net loans and advances reached QR59.2bn in September, registering a growth of 0.3%. 
Doha Bank said it “has adequate loan loss provision against non-performing loans.” 
The investment portfolio amounted to QR20bn, registering an increase of 14%. Customer deposits stood at QR 51.9bn as of  September 30.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The total shareholder’s equity stood at QR13bn as of September 30, 2018, and through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 10.3% as of September 30. The bank, given the scale of operations, has achieved a return on the average assets of 1.07% as of September 30.”
Highlighting Doha Bank’s key initiatives and innovations, chief executive officer Dr R Seetharaman said, “Doha Bank looks to set the industry standard and continually explore new financial instruments that drive maximum value”. 
That, in addition to capitalising on market synergies in a challenging and competitive environment, resilient economy and strong banking fundamentals in Qatar.”
Doha Bank has successfully implemented new accounting standards (IFRS 9) as directed by the Qatar Central Bank (QCB). 
In recognition of Doha Bank’s ability to maintain strong fundamentals, Fitch re-affirmed Doha Bank’s rating at ‘A’ and upgraded the outlook to ‘Stable’. 
During the quarter, Moody’s also upgraded Doha Bank’s outlook to ‘Stable’. 
Commenting on the ratings, Dr Seetharaman said, “The ratings recognise Doha Bank’s sustainable business model in the current business environment.”
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