Doha Bank posted a net profit of QR501mn in the first half of the year (H1, 2020), chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said Monday.
In the same period last year, the bank earned a net profit of QR519mn.
Sheikh Fahad said the bank made “significant progress” in improving the cost management and efficient utilisation of resources, whereby the operating cost for the period decreased by 2.2% as compared to the same period last year, thus reducing the cost to income ratio to 31.4% from 35.5%, “showing bank’s productive operational performance.”
Sheikh Fahad said Doha Bank’s total assets increased by QR7.3bn, registering a growth of 7.2%, from QR100.8bn (as on June 2019) to QR108bn in June this year.
Net loans and advances increased to QR62.5bn (as on June 30) from QR60.9bn for the same period last year, registering a growth of 2.6%.
Customer deposits showed a year-on-year increase of 0.7% from QR55.6bn to QR56bn in June this year, which is evidence of the “strong” liquidity position of the bank.
The chairman also pointed out that the total financial investment portfolio increased by QR1.2bn, showing a “significant” growth of 4.6% as compared to the same period of the last year.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The total shareholder’s equity stood at QR13.3bn as on June 30 this year, registering a growth of 0.2%. The bank “continued to strengthen” its key capitalisation ratios, where the total capital adequacy ratio of the bank increased to 17.6% in June from 17.4% as compared to the same period last year. The bank, given the scale of its operations, has achieved a return on the average assets of 0.93% as on June 30, 2020”.
Sheikh Fahad said, “Despite the current challenging conditions in the banking market, the performance of Doha Bank has remained strong and consistent, with integrity of its operations and its outstanding products and services. During the year, the bank leveraged on its “5 R’s” strategy – remedial, revenue, rationalisation, restructuring and remodelling.
He said, “Under the wise leadership pursued by His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani and his directives to provide support to all sectors, and as part of the collective efforts made by all agencies and institutions in Qatar to help the people of Qatar in handling the current situation related to Covid-19 pandemic, and based on the instructions issued by the Qatar Central Bank in this regard, Doha Bank has made all efforts to be a main pillar in supporting the plans of the State, the QCB and companies, and have been working to address the obstacles faced by all customers.
Furthermore, Sheikh Fahad expressed confidence that all customers of the bank will adapt to the digital banking transformation adopted by Doha Bank.
Sheikh Fahad said the bank made “significant progress” in improving the cost management and efficient utilisation of resources, whereby the operating cost for the period decreased by 2.2% as compared to the same period last year, thus reducing the cost to income ratio to 31.4% from 35.5%, “showing bank’s productive operational performance.”
Sheikh Fahad said Doha Bank’s total assets increased by QR7.3bn, registering a growth of 7.2%, from QR100.8bn (as on June 2019) to QR108bn in June this year.
Net loans and advances increased to QR62.5bn (as on June 30) from QR60.9bn for the same period last year, registering a growth of 2.6%.
Customer deposits showed a year-on-year increase of 0.7% from QR55.6bn to QR56bn in June this year, which is evidence of the “strong” liquidity position of the bank.
The chairman also pointed out that the total financial investment portfolio increased by QR1.2bn, showing a “significant” growth of 4.6% as compared to the same period of the last year.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The total shareholder’s equity stood at QR13.3bn as on June 30 this year, registering a growth of 0.2%. The bank “continued to strengthen” its key capitalisation ratios, where the total capital adequacy ratio of the bank increased to 17.6% in June from 17.4% as compared to the same period last year. The bank, given the scale of its operations, has achieved a return on the average assets of 0.93% as on June 30, 2020”.
Sheikh Fahad said, “Despite the current challenging conditions in the banking market, the performance of Doha Bank has remained strong and consistent, with integrity of its operations and its outstanding products and services. During the year, the bank leveraged on its “5 R’s” strategy – remedial, revenue, rationalisation, restructuring and remodelling.
He said, “Under the wise leadership pursued by His Highness the Amir of the State of Qatar, Sheikh Tamim bin Hamad al-Thani and his directives to provide support to all sectors, and as part of the collective efforts made by all agencies and institutions in Qatar to help the people of Qatar in handling the current situation related to Covid-19 pandemic, and based on the instructions issued by the Qatar Central Bank in this regard, Doha Bank has made all efforts to be a main pillar in supporting the plans of the State, the QCB and companies, and have been working to address the obstacles faced by all customers.
Furthermore, Sheikh Fahad expressed confidence that all customers of the bank will adapt to the digital banking transformation adopted by Doha Bank.