Robust growth in investment income and control on operating expenses helped Doha Bank report 11% year-on-year jump in net profit to QR819mn for the nine-month ended September 30, 2019.
Announcing results, Sheikh Fahad bin Mohamad bin Jabor al-Thani, chairman of Doha Bank, said total assets increased by 18% to QR106.7bn at the end of September 30, 2019.
Net loans and advances expanded 10% to QR65bn and interest earnings by more than 7% during the period in review. Customer deposits jumped 13% to QR58.9bn during January-September this year, indicating the strong liquidity position of the lender. Total financial investment portfolio grew 37% on a yearly basis.
With operating costs falling 6%, the bank’s cost-to-income ratio came down to 33.6% from 36.5%, indicating higher productive operational performance.
Sheikh Abdul Rehman bin Mohamad bin Jabor al-Thani, managing director of Doha Bank, said total shareholder’s equity stood at QR13.5bn at the end of September 30, 2019 compared to QR13.1bn for the same period last year, registering a growth of 3.1%.
The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 16.8% as on September 30, 2019, he said, adding the bank, given the scale of its operations, has achieved a return on the average assets of 1.08% in the review period.
Doha Bank group chief executive Dr R Seetharaman said despite challenging market conditions, it has been distinguished by its superior products and services, ongoing customer demand, and capitalising on market synergies in a competitive environment.
“The bank continued to successfully leverage on its international network to diversify its funding sources and expanded its exposure to key sectors,” he added.
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