Doha Bank’s 2017 net profit rises to QR1.11bn

Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani (left) and managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani: Noticeable growth rates.
Doha Bank has posted a net profit of QR1.11bn in 2017, up 5.3% on QR1.05bn in the previous year. Doha Bank’s board of directors at their meeting in Doha yesterday recommended to the ordinary general assembly to distribute 30% of the paid up capital as cash dividend to shareholders for 2017. This translates into QR3 per share.
Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said the bank has achieved noticeable growth rates in many financial indicators.  Total assets rose by QR3.1bn from QR90.4bn in 2016 to QR93.5bn in 2017, which represents a growth of 3.5%.
Loans and advances rose from QR59.2bn in 2016 to QR59.8bn last year, up 1%.  Customer’s deposits grew by 6.7%, with total deposits increasing from QR55.7bn in 2016 to QR59.5bn in 2017.   Total shareholders’ equity reached to QR14.8bn by year end with an increase of 10.7% compared to last year.
Sheikh Fahad said earnings per share stood at QR3.02; return on average shareholders’ equity at 11.9%, while return on average assets was 1.21% as of December 31 last year.
Sheikh Fahad said the audited financial statements, declared net profit, proposed cash dividends percentage and the recommendations related to debt notes and commercial papers are subject to the approval of the regulatory authorities concerned and the general assembly of the shareholders.  He also said the board of directors and the executive management will work together to achieve greater results and achieve the objectives outlined in the bank’s strategy for the coming five years.
Doha Bank CEO Dr R Seetharaman termed the bank’s performance in 2017 as “all-around” and he foresaw “sustainable performance” in 2018 as well.   He said the earnings per share, return on average shareholders’ equity and the return on average assets were among the best in the industry. The board of directors has decided to submit a recommendation to the AGM to approve the issuance of debt notes by using Doha Bank’s EMTN programme valued at $2bn.
The board meeting decided to recommend to the shareholders meeting to approve reducing the minimum amount per issuance under commercial papers programme from $50mn to $1mn, which was approved earlier by shareholders at their meeting in May 2016. It was also decided to call ordinary and extra ordinary general assembly of the shareholders on March 7, and in the event the quorum is not met, a second meeting will be held on March 14. Besides Seetharaman, Doha Bank’s senior executives were present at the press conference held at the bank’s tower at West Bay yesterday.
Sources and photo-credits: Gulf Times