Doha Bank profits up to 5.2%…

Doha Bank has posted a net profit of QR787mn in the first half of this year, up 5.2% on QR748mn in the same period in 2013.

The results were announced after a meeting of the Doha Bank’s Board of Directors presided over by its chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani here last night.

Sheikh Fahad said, “This is another outstanding result and a clear demonstration that Doha Bank continues to perform consistently.”

Doha Bank increased its net operating income by 14% to QR1.45bn in June this year. Total assets increased by QR12.8bn, a growth of 21.6%, from QR59.2bn (as on June 30, 2013) to QR72bn in June 2014.

Net loans and advances increased to QR45.3bn in June compared with QR36.2bn in the same period last year, registering a growth of more than 25.3%.

Customer deposits showed a year on year increase of 30.5% from QR34.1bn to QR44.5bn in June, which the bank said was “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 on June 2014, at QR10.9bn, registering an increase of 25.3% during the last 12 months. Through the efficient asset allocation model the return on average equity is 16.5% in June 2014 one of the best in the industry. The bank has achieved a very high return on average assets of 2.3% in June, which is a clear demonstration of the effective utilisation of shareholder’s funds.

Doha Bank Group chief executive officer Dr R Seetharaman said, “In line with the bank’s International expansion strategy and further to obtaining branch licence to operate in India from the Reserve Bank of India, Doha Bank has entered into an agreement with HSBC Bank Oman, an indirect 51% owned subsidiary of HSBC Holdings plc., to purchase their banking business in India subject to approvals of Regulatory Authorities in Qatar, India, Oman and Jersey”.

Doha Bank announced the launch of its annual summer credit card campaign, which provides eligible cardholders with 5% cash back on all international spend as well as 2% cash back on all local spending in Qatar from June to August 2014.

Doha Bank has 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 instalments for up to three months. Giving opportunity to customers making Vodafone bill payment through Doha Bank’s Internet Banking and ATMs, to win gifts, Doha Bank launched a bill payment promotion in association with Vodafone Qatar. As part of exclusive promotion from Visa, a Doha Bank customer won a trip to FIFA World Cup in Brazil.”

Doha Bank was one of the receiving banks for the IPO of Mesaieed Petrochemical Holding Company earlier during the year followed by offering up to 100% financing option as well as successfully facilitating refunds. Now in its 11th year, Doha Bank’s Al Dana Savings Program is one of the best rewarding savings program in Qatar. This quarter the Bank announced the winners of the first draw of the year.

Highlighting the various customer centric initiatives, Dr R Seetharaman said, “In testimony of our understanding of customer needs, Doha Bank has extended the working hours of seven of its branches including its Corporate Branch. In another initiative to deliver greater value to its customers, Doha Bank became the payment partner for ‘Q-Tickets’, which is the first and only third party movie ticketing facility in the GCC Region, with more than 100,000 reserved tickets and more than 40,000 registered cinema goers in just six months. Doha Bank also announced an agreement with Ooredoo for upgrading its network infrastructure to enhance customer experience and reinforce security.” Source: Gulf Times