For the second consecutive year, Doha Bank has been named the ‘Best Regional Commercial Bank’ at The Banker Middle East Industry Awards, which was recently held in Dubai.
Doha Bank Group chief executive officer Dr R Seetharaman said: “We are honoured to receive this recognition for the second consecutive year. It is evidence of the bank’s all round performance. Doha Bank is currently implementing the growth strategy put 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.”
Doha Bank had earlier received the licence 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,” Doha Bank said.
In the first quarter of 2014, the bank registered a year on year growth in total assets by 22.4% and net loans and advances by 26%. During the same period, Doha Bank’s customer deposits’ grew by 31%, 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 utilisation of shareholders’ funds and optimum asset allocation strategies.
In the last one year, the bank achieved significant milestones through capital enhancements, international expansion and by introducing 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 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.
“Doha Bank’s commitment to deliver greater value to the customers is clearly visible by building partnerships with innovative companies and also changing the marketplace. In its constant endeavour to enhance customer experience as well as reinforce security, Doha Bank announced an agreement with Ooredoo for upgrading its network infrastructure. This agreement would 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.”
Doha Bank’s e-commerce platform, ‘DohaSooq.com’, the first e-commerce portal in Qatar and the GCC that is championed and supported by a leading bank, extended its consumer reach by adding new partners and extending the shopping options available to customers through the website.
Doha Bank was recently adjudged “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 for public welfare and social consciousness.