FROM LEFT: Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank; Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank; and Dr. R Seetharaman, Chief Executive Officer of Doha Bank.
Doha: Doha Bank has reported a net profit of QR703m for the last financial year ended December 31, 2020, as compared to QR754m for the same period in 2019 after taking significant loan loss provision.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BOD) in its meeting held yesterday approved the draft of the Bank’s audited financial statements for the year 2020.
At the same meeting, the Board decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR0.075 per share to the shareholders. The Ordinary and Extra Ordinary General Assembly of the shareholders of Doha Bank will be held on March 15, 2021, and in the event the quorum is not met, a second meeting will be held on March 23, 2021.
The Chairman of the Board also stated that the interest income of Doha Bank significantly grew by 17.1 percent as compared to last year to reach QR2.3bn. The net operating income stood at QR3.0bn.
Total assets amounted to QR103.5bn as on December 31, 2020. Net loans and advances reached QR65.5bn. The investment portfolio amounted to QR24.7bn. Customer deposits stood at QR55.1bn as on December 31, 2020.
He also declared that the total shareholder’s equity by end of 2020 reached to QR13.8bn while the earnings per share was QR0.16 and the return on average shareholders’ equity was 5.3 percent and the return on average assets was 0.66 percent.
Sheikh Fahad added that the audited financial statements, declared net profit, proposed cash dividends percentage, proposed issuance of additional capital instruments and amendments to articles (3) and (14) of Company’s Article of Association are subject to the approval of the concerned regulatory authorities and the General Assembly of the Shareholders. He also said that the Board of Directors and the Executive Management will work together to achieve the objectives that are outlined in the Bank’s strategy for the coming five years.
