Doha Bank posts QR754mn net profit in 2019
February 18 2020 12:14 AM
Dohabank trio
From left: Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani; managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani and group CEO Dr R Seetharaman.

Doha Bank posted a net profit of QR754mn in 2019, chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said yesterday.
Sheikh Fahad said, “The net profit of the bank for 2019 is QR754mn as compared with QR830mn in 2018 after taking significant loan loss provision.”
At a meeting, the board of directors decided to present a recommendation to the General Assembly to carry forward the net profit to the following year to enhance the bank’s financial position.
In a resolution, the board submitted a recommendation to the Extra Ordinary General Assembly meeting to approve the issuance of Additional Tier 1 (AT1) and/or Tier II Capital Instruments amounting up to $1bn either directly or through a Special Purpose Vehicle (SPV) as per the terms of the issue, which shall include but not limited to the following:
n The issuances should qualify as Capital Instruments (AT1 or Tier II) as per Qatar Central Bank (QCB) terms and regulations.
n Issuance can be through a public issue and or a private placement, in local and/or international markets.
n To set up of a new EMTN programme, which complies with Capital Instrument issuance regulation. The programme will be capped at $1bn.
n The issuances can be in local or major foreign currencies
n Tier II issuance will not exceed $500mn (or its equivalent).
n The maturity of the Additional Tier 1 instrument shall be perpetual and that of Tier II to be limited to 10 years.
n To authorise the board of directors of Doha Bank and those authorised by the board to determine all terms and conditions and take all necessary actions to execute these issuances after obtaining relevant approvals from the QCB and other competent authorities.
n Delegation from EGM of shareholders to the board will be valid for three years. 
n To call the Ordinary and Extra Ordinary General Assembly of the shareholders for a meeting on March 16, and in the event the quorum is not met, a second meeting will be held on March 30.
Sheikh Fahad also stated that the interest income significantly grew by 7.5% compared to last year to reach QR4.2bn.
The net operating income stood at QR2.8bn. Total assets amounted to QR108.2bn as of December 31.
Net loans and advances reached QR65.8bn as of December 31. The investment portfolio amounted to QR26.6bn, registering an increase of 28.1%.
Customer deposits stood at QR58.5bn as of December 31.
He also said the total shareholder’s equity (by end-2019) reached QR13.3bn while the earnings per share was QR0.17 and the return on average shareholders’ equity was 6% and the return on average assets was 0.74%.
Sheikh Fahad noted the audited financial statements, declared net profit, carrying forward the net profit to the following year and issuance of additional capital instruments are subject to the approval of the regulatory authorities concerned and the General Assembly of the shareholders.
He also said “the 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.”

There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*