Doha Bank achieves nine-month profit of QR933mn

Doha Bank’s net profit in the first nine months of 2022 stood at QR933mn, a 4.6% year-on-year increase from QR892mn, the bank’s chairman, Sheikh Fahad bin Mohamed bin Jabor al-Thani announced Monday.He said during the nine-month period ended September 30, net commission income grew significantly to QR273mn over QR222mn in the same period last year, recording a growth of 22.8%. Net interest income reached QR1.8bn and the net operating income stood at QR2.3bn. Sheikh Fahad said the bank’s net interest income improved by 0.7% and net operating income improved by 3.9% quarter-on-quarter (Q3 2022 vs Q2 2022), adding that Doha Bank made significant progress in improving cost management and efficient utilisation of resources where the non-staff cost for the period decreased by 0.7% compared to the same period last year, showing productive operational performance.He noted that total assets stood at QR94.2bn and net loans and advances stood at QR56.2bn as on September 30, while customer deposits stood at QR49.1bn during the same period.Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani, managing director of Doha Bank, said: “Total equity stood at QR14.2bn as at September 30, 2022. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 19.52% as at September 30, 2022 from 19.81% as compared to the same period last year. The bank, given the scale of its operations, achieved a return on the average assets of 1.27% as at September 30, 2022.”Sheikh Fahad said, “Looking ahead, we continue to be optimistic about the prospects of the bank. The ongoing digital transformation of Doha Bank has allowed us to be a major participant, and to incubate new lines of businesses that leverage upon our relationships.” He also said under the wise leadership pursued by His Highness the Amir Sheikh Tamim bin Hamad al-Thani and his directives to support all sectors, and as part of the collective efforts made by all agencies and institutions in Qatar during the upcoming 2022 World Cup, and based on the instructions issued by the Qatar Central Bank (QCB) in this regard, Doha Bank has made all efforts to support the plans of the State, 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.