Doha Bank recorded a QR380mn net profit in the first quarter of 2021, or a 17.3% growth over QR324mn achieved in the same period last year, according to the bank’s chairman, Sheikh Fahad bin Mohamed bin Jabor al-Thani.
Sheikh Fahad said total assets increased by QR5.7bn, a 5.4% growth to reach QR112.1bn as of March 31, 2021. Net loans and advances increased to QR70.5bn or by 8% as of March 31, 2021.
Customer deposits showed an increase of 16.2% from QR54.8bn to QR63.7bn as of March 31, 2021. The bank’s cost to income ratio has come down to 26.5% in the first quarter as compared to 30.8% for the same period last year.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The total shareholder’s equity by end of the quarter reached QR14bn, showing an increase of 15%. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank increased to 19.7% in March 2021 from 16.2% as compared to the same period last year.”
Sheikh Fahad said, “Despite the circumstances the world is currently witnessing, it is that, under the wise leadership pursued by His Highness the Amir Sheikh Tamim bin Hamad al-Thani, and his directives to provide support to all sectors and banks in Qatar in the face of the Covid-19 crisis, and based on the instructions issued by Qatar Central Bank in this regard, Doha Bank will make all efforts to be a main pillar in supporting companies and individuals in benefiting from all possible facilities, and will work in line with the plan pursued by the State of Qatar to address the obstacles faced by its customers during this period to overcome this crisis.”