Doha Bank posts 5% rise in Q1 profit to QR381mn

Sheikh Abdul Rehman, Sheikh Fahad and Seetharaman: Continuing to perform consistently.
Doha Bank has reported about 5% year-on-year growth in net profit to QR381mn in the first three months of this year. “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently,” said its chairman Sheikh Fahad bin Mohamad bin Jabor al-Thani.

The bank’s net interest income grew about 8% to QR560mn. Total assets witnessed more than 3% expansion to QR93.6bn with net loans and advances increasing about 1% to QR59.9bn. The lender’s customer deposits showed a yearly growth of 10% to QR59.3bn, indicating its strong liquidity. “The bank has become extremely strong over the years with total equity, as on March 31, 2018, at QR12.4bn,” Doha Bank managing director Sheikh Abdul Rehman bin Mohamad bin Jabor al-Thani said.

Through the strategic utilisation of the shareholders’ funds by way of increasing the performance levels, the bank’s return on average shareholders’ equity stood at 16.3%, which is one of the best in the industry, he said.

The bank, given the scale of its operations, has achieved a very high return on average assets at 1.63% at the end of March 31, 2018, which, according to Sheikh Abdul Rehman, is a clear demonstration of the effective utilisation of shareholders’ funds and optimum asset allocation strategies. During the quarter, the annual general assembly meeting had agreed to issue debt notes ‘bonds’ through the euro medium term note programme and reduce the minimum amount per issuance under the commercial papers programme to $1mn from $50mn.

“Despite the challenging market conditions, Doha Bank’s strong performance throws light on its superior products and services, ongoing customer demand, capitalising on market synergies,” its group chief executive Dr R Seetharaman said. On the recently introduced exchange traded fund (QETF), he said, “We believe it hold immense promise and open a gateway to the Qatari market for global investors.  We expect this to the first of many future products focused on Qatar.” In line with its international expansion, Doha Bank launched its third Indian branch in Chennai. The bank has also established a representative office in Sri Lanka.

Sources and photo- credits: Gulf Times