Doha Bank posts QR392mn net profit in first half

Doha Bank has reported net profit of QR392mn in the first half (H1) of this year. This is after taking additional provisions for the first half of the year to support the bank’s financial position, said Sheikh Fahad bin Mohamed bin Jabor al-Thani, chairman.Net interest income in the second quarter (Q2) of 2023 reached QR537mn, showing an increase of 9.3% compared to that in the first quarter (Q1) of 2023. Net operating income in Q2-2023 stood at QR715mn, an increase of 12.1% against that in Q1-2023.The lender has been able to reduce its total cost by 0.6% during the first half of 2023 compared to same period last year.Total assets amounted to QR93bn at the end of June 2023. Net loans and advances were QR55.8bn as on June 30, 2023. The investment portfolio stood at QR25.4bn. Customer deposits stood at QR44.1bn at the end of June 2023.Sheikh Abdul Rahman bin Mohamed bin Jabor al-Thani, managing director of Doha Bank, said total shareholder’s equity by end of half year 2023 reached QR14.2bn, an increase of 2% compared to same period last year.The bank, given the scale of its operations, has achieved a return on average shareholders’ equity of 5.8% and the return on average assets of 0.82%, he said, adding the bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 19.8% at the end of June 30, 2023.Sheikh Fahad said Doha Bank will make all efforts to be a main pillar in supporting national economy and private sectors, companies or individuals in benefiting from all possible facilities, and will work in line with the plan pursued by Qatar.