Doha Bank achieves 1% profit growth with impressive ratios
His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, the leading private commercial bank in Qatar, announced Doha Bank’s financial results for the first quarter of 2014. Net profit for the first quarter of 2014 recorded an impressive QR399m as compared to QR395m for the same period in 2013 showing an increase of 1%. H.E. Sheikh Fahad said “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
The Bank increased net operating income by 8.5% to QR697m. Total assets increased by QR12.8bn, a growth of more than 22.4%, from QR57.2bn as at 31 March 2013 to QR70.1bn as at 31 March 2014. Net loans and advances increased to QR43.4bn as at 31 March 2014 from QR34.4bn for the same period last year, registering a growth of more than 26%. Customer depositsshowed a year on year increase of 30.9% from QR33.2bn to QR43.5bn as at 31 March 2014 which is evidence of the strong liquidity position of the Bank.
H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The Bank has become extremely strong over the years with total equity, as at 31 March 2014, at QR10.6bn, registering an increase of 24.7% during the last twelve months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average equity is 17.1%as at 31 March 2014 one of the best in the industry. The Bank, given the scale of operations, has achieved a very high return on average assets of 2.33% as at 31 March 2014 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”.
Dr. R Seetharaman, Group Chief Executive officer, highlighting the performance of Doha Bank in the first quarter of 2014, said “The year 2013 saw Doha Bank achieve significant milestones through capital enhancements, international expansion, introducing innovative products and services. The Bank was highly successful in improvising on its performance, innovation, and quality as well as exceeding customer expectations. In the first quarter of 2014, the General Assembly approved and distributed 45% Cash dividend to the shareholders and elected the Board Members for the next three years term.”
He further continued, “Doha Bank was one of the receiving banks for the IPO of Mesaieed Petrochemical Holding Company. The bank announced the 100% finance option for IPO subscribers and their families. 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.”
Dr. R. Seetharaman referring to various collaborations said, “Doha Bank became the payment partner for ‘Q-Tickets’, which is the first and only third party movie ticketing facility in the GCC Region, powering their e-commerce gateway. Doha Bank’s commitment to deliver greater value to the customers is clearly visible with our way of building partnerships with innovative companies and also changing the marketplace. In its constant endeavor to enhance customer experience as well as reinforce security, Doha Bank announced an agreement with Ooredoo for upgrading its network infrastructure. This agreement will enhance mobility and extend high security protocols, enabling customers to complete their transactions any time, any place, and from any device, with even more ease of access and functionality than ever before. In affirmation of its continuous compliance to global standard for IT service management, Doha Bank has also been certified with the coveted ISO 20000-2011.”
Having received a license to commence banking operations in India from the Reserve Bank of India, Doha Bank hosted knowledge sharing sessions on the topic of ‘Opportunities in Qatar and GCC’ in the cities of Mumbai and Chennai in India as a pre-cursor to its entry into the Indian Financial Market. The event was well attended by heads of several Indian corporates, senior bankers and economists. Doha Bank also hosted a knowledge sharing session on ‘The Doha Round and Regional trade agreements’ in Doha which saw participation from senior Bankers, economists and senior Staff from well-known organizations.
Doha Bank was one of the top participating institutions in this year’s QCB 3-km run and was recognized with a trophy for its outstanding efforts for the third time in a row. During the first quarter, Doha Bank organized staff Cricket Tournament which featured 15 teams from within the Bank.
In recognition of Doha Bank’s strong performance, Doha Bank was named the ‘Best Retail Bank in Qatar’ by The Asian Banker in Sydney. For demonstrating utmost commitment for public welfare and social consciousness, the Bank received the ‘Golden Peacock Global Award 2013 for Corporate Social Responsibility’. This was received in addition to ‘Environmental Award’ from The Arab Organisation for Social Responsibility. Dr R Seetharaman said “We believe environmental sustainability is an essential pillar to true overall growth and development and it takes the efforts of everyone to realize our common aspiration of living in a cleaner, safer and greener environment.” Also, as a part of its corporate social responsibility initiatives, Doha Bank is supporting the Qatar Paralympic Committee’s (QPC) efforts to promote sporting activities for those with special needs. As part of its ongoing ECO-Schools Programme, Doha Bank recently presented six schools in Qatar with awards in recognition of their environment-friendly activities.
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Ms. Tasneem Raza