With core revenue streams showing strong growth, Doha Bank posted a third quarter net profit of QR1.13bn, up 5% on QR1.07bn registered in the same period last year.
Doha Bank’s total assets scaled up to QR70.3bn in September compared with QR63bn in the same period last year, which shows an increase of QR7.3bn (+12%).
The third quarter results were announced in Doha yesterday by Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani.
Sheikh Fahad said, “This is another outstanding result and a clear demonstration that Doha Bank continues to perform consistently.”
The bank increased its net operating income by 14% to reach QR2.2bn. Fees and commission income for Q3, 2014 showed an impressive growth of 27%, reaching QR363mn compared to QR286mn for the same period in 2013.
Net loans and advances increased to QR44.6bn from QR38.9bn for the same period last year, registering a growth of 15%.
Deposits showed a year-on-year (y-o-y) increase of 10% from QR40.1bn to QR44bn as on September 30, which is “evidence of the strong liquidity position” of the bank.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The bank continues to perform well with total equity, as at Q3, 2014, at QR11.3bn, registering an increase of 25% during the last twelve months. Through efficient asset allocation model the return on average equity stood at 16.3% in Q3, 2014, one of the best in the industry. The bank has achieved a very high return on average assets of 2.2% in the third quarter, which is a clear demonstration of the effective utilisation of shareholder’s funds”.
Further, Sheikh Abdul Rehman said, “The bank’s core revenue streams have shown strong growth over the prior year period reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on our productive operational performance.”
During the period, Doha Bank Board of Directors unanimously approved the ‘Scheme of Amalgamation’ to enable Doha Bank India to take over and to combine the banking business of HSBC Bank Oman India with Doha Bank, India operation as a going concern in line with the Bank’s International expansion strategy.
Accordingly, the Board of Directors at its meeting held on September 28 also resolved to call the Extra Ordinary General Assembly of the shareholders for a meeting to consider and approve the amalgamation scheme as well as authorise debt issuance or any other suitable instrument using the Doha Bank EMTN Programme.
On Doha Bank inaugurating its first electronic branch in Dubai, Group CEO, Dr R Seetharaman said, “The new electronic branch is a testimony to our positive and aggressive ambition to expand foot-print by increasing ATM and electronic banking network”.
In order to create awareness on the availability of convenient utility bill payment facility, Doha Bank’s Vodafone Qatar Bill Payment promotion gifted select customers with electronic tablets for making Vodafone bill payment through Doha Bank’s Internet Banking and ATMs. During Q3, 2014, Doha Bank entered into a partnership agreement with Enterprise Qatar, a SME development company, in order to further support entrepreneurs and small and medium enterprises.
Doha Bank’s annual summer credit card campaign period spanning over three months, concluded in August, a statement said.
The campaign provided eligible cardholders with ‘5% cash back’ on all international spend as well as ‘2% cash back’ on all local spends.
In its 11th year, Doha Bank’s ‘Al Dana Savings Programme’ is still “one of the best rewarding savings programme in Qatar” and the bank has distributed gifts to select customers in its six draws conducted until Q3, 2014 with two customers receiving QR1mn each.
Doha Bank had also extended the personal loan offer for another three months to give its customers more opportunities to consolidate their liabilities under one single personal loan and opt to waive installments for up to three months. Source: Gulf Times