Doha Bank, the leading private commercial bank in Qatar, has been named the ‘Best Domestic Retail Bank’ and the ‘Best Domestic Trade finance Bank’ of the year in Qatar, at The Asian Banking and Finance Awards Ceremony held recently in Marina Bay Sands, Singapore.
On the occasion, Dr. R Seetharaman, Group Chief Executive officer of Doha Bank said: “We are honored to receive this dual recognition from The Asian Banking and Finance. These awards serve as confirmation that we are providing innovative retail banking and trade finance solutions in line with market requirements and we look forward to continue developing offerings aligned with our customer needs. They further solidify the Bank’s position as one of the leading banks in the GCC region, with more than 35 years expertise in collaborating with correspondent institutions to ensure seamless handling of trade service transactions. Doha Bank is currently implementing the growth strategy set forth by its Board of Directors and the expansion of its activities outside Qatar being one of the key strategies. Doha bank offers full-fledged banking services in Kuwait, Dubai and Abu Dhabi and has plans to expand further.”
In the first quarter of 2014, the bank registered a year on year growth on, ‘Total assets’ by 22.4 per cent and ‘Net loans and advances’ by 26 per cent. During the same period, the ‘Customer Deposits’ grew by 31 per cent, which evidenced the strong liquidity position of the bank. Doha Bank’s return on average equity, which is one of the best in the industry, stood at 17.1% as at the end of the first quarter of 2014. The Bank also recorded a very high return on average assets of 2.33%, which is a clear demonstration of the effective utilization of shareholders’ funds and optimum asset allocation strategies.
Doha Bank is one of the leading providers of trade finance services, with a thorough understanding of local markets as well as major international markets, global presence and advanced technology to support clients’ trade finance requirements while ensuring the soundness off all component banks within the corresponding banking network.
In the last one year, the Bank achieved significant milestones through capital enhancements, international expansion and introduction of innovative products and services. The Bank was highly successful in improvising on its performance, innovation, and quality as well as exceeding customer expectations. Doha Bank had earlier received the license to commence banking operations in India and in April 2014 agreed to purchase HSBC Bank Oman’s business in India subject to regulatory approvals. India is a major market with great potential particularly considering the large Indian population in the GCC as well as the significant trade flows between the two regions.
On the retail front, Doha Bank’s e-commerce platform, ‘DohaSooq.com’, the first e-commerce portal in Qatar and the GCC, extended its consumer reach by adding new partners and extending the shopping options available to customers. Having concluded 10 successful years
of its unique savings scheme ‘Al Dana’, Doha Bank announced an all new prize structure for Al Dana 2014, which is one of the best rewarding savings programme in Qatar. This year the campaign is focusing on a core customer strategy of ‘Al Dana for Everyone’ which means there is something for everyone.
Doha Bank was recently adjudged ‘Best Regional Commercial Bank’ for second consecutive year by The Banker Middle East, ‘Best Retail bank in Qatar’ for 2014 by the Asian banker, ‘Bank of the Year 2013 – Qatar’ by The Banker. Doha Bank was also the recipient of the prestigious ‘Golden Peacock Global Award 2013 for Corporate Social Responsibility’ for its commitment to public welfare and social consciousness.
For further information, please contact:
Ms. Tasneem Raza
Email: [email protected]
Tuesday, July 15- 2014 @ 15:14 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.