Doha Bank has registered a net profit of QR830mn in 2018 compared with QR1.11bn in 2017 after taking “significant loan loss provision”.

The bank’s board of directors chaired by Sheikh Fahad bin Mohamed bin Jabor al-Thani on Sunday decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR1 per share to the shareholders.

Doha Bank chairman stated that the interest income significantly grew by 8% as compared to last year to reach QR3.9bn.

The bank’s net operating income stood at QR2.6bn. Total assets amounted to as on December 31, 2018.

Net loans and advances reached QR59.8bn in end-December 2018. The investment portfolio amounted to QR20.6bn, registering an increase of 17.4%. Customer deposits stood at QR55.5bn as on December 31, 2018.

He also declared that the total shareholder’s equity by end-2018 reached QR12.7bn while the earnings per share was QR1.97 and the return on average shareholders’ equity was 9% and the return on average assets was 0.88%.

Sheikh Fahad added that the audited financial statements, declared net profit, proposed cash dividends percentage are subject to the approval of the concerned regulatory authorities and the General Assembly of the shareholders.

He also said Doha Bank’s board of directors and the executive management will work together to achieve the objectives that are outlined in the bank’s strategy for the coming five years.

In a resolution, the Doha Bank board of directors decided to call the Ordinary and Extra Ordinary General Assembly of the Shareholders on March 6. In the event the quorum is not met, a second meeting will be held on March 13.

The board of directors approved the agenda of the Ordinary and Extra Ordinary General Assembly Meeting of the shareholders.

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