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.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Qatar’s industrial production rises 1% y-o-y in September
Al Khor Recreation Extension project achieves 3.2mn safe man hours without lost time injury
KPMG in Qatar launches ‘Turkish desk’; holds investment seminar in Istanbul
QFC legal team honoured at annual Qatar Business Law Forum and Awards
Eskom CEO appointment met with surprise and scepticism
SEC chief cites fishy letters in support of policy change
Asia markets end higher after record close on Wall Street
China electronics firm struggles as defaults vex private sector
Dollar roadblock from Fed balance sheet sets up euro rally