Doha Bank posts QR1.05bn net profit; assets jump 8.5%. Achieving “noticeable” growth in many financial indicators, Doha Bank has posted a net profit of QR1.05bn in 2016.
Qatar’s premier bank had recorded a net profit of QR1.35bn in 2015. The financial results were announced by chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani after a meeting of Doha Bank’s board of directors in Doha yesterday. The board also recommended the distribution of 30% of the paid up capital as cash dividend (QR3 per share) to shareholders. The recommendation will be submitted to the general assembly of the bank shareholders’ for approval.
Customers’ deposits grew by 5.6%, with total deposits increasing from QR52.8bn in 2015 to QR55.7bn in 2016. Total shareholders’ equity reached QR13.4bn by the year-end, or a 1.5% increase, compared to last year. Sheikh Fahad said as of December 31, 2016, earnings per share was QR3.23 and the return on average shareholders’ equity stood at 12.1%, while the return on average assets at 1.21%. Doha Bank CEO Dr R Seetharaman said, “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.
“Also, the ordinary general assembly of shareholders unanimously agreed for Doha Bank to issue certificate of deposits (CD) program and commercial papers (CP) program subject to necessary regulatory and other approvals.” In line with its international expansion strategy, Doha Bank inaugurated its 13th representative office in Bangladesh in the fourth quarter of 2016. The bank also inaugurated its relocated Kochi (India) branch at LuLu Mall in the presence of the chief minister of Kerala. Doha Bank also entered into a memorandum of understanding (MoU) with Centrum Group, India to “facilitate the development of GCC business for Centrum with its network, while Centrum will reciprocate with the same in India for Doha Bank.” Speaking to reporters, Seetharaman also announced that the board yesterday approved the plan to launch Doha Bank exchange traded funds (ETFs) in April.