Doha Bank has won the “Best Commercial Bank in Qatar 2021” at the World Business Outlook Awards recently. The award is a firm acknowledgement of the effectiveness of Doha Bank’s business strategy and the value it provides to its various stakeholders.
“The award is a reflection of Doha Bank’s leadership on sustainable growth and we are honoured to have this prestigious award. This is a reflection of Doha Bank’s leadership on sustainable growth while providing innovative offerings to our customers through digital technology”, said Doha Bank CEO Dr. R. Seetharaman.
Doha Bank’s net profit during the first quarter of 2021 reached QR380m, showing an increase of 17.3 percent when compared to the same period in 2020. The total shareholder’s equity by end of the quarter stood at QR14bn, showing an increase of 15 percent. In 2021, Doha Bank successfully completed a $500m five-year senior unsecured bond at a yield of 2.43 percent per annum.
The transaction was executed under the Bank’s $2bn EMTN Issuance Program which is listed on the London Stock Exchange in UK. Doha Bank has previously introduced an innovative and customer-centric pay solution “Doha Pay app” which gives ease and flexibility to the customers.
It also launched a full suite of Visa Corporate Solutions. Wholesale Banking Group is currently going through a major restructuring with the group being segregated into coverage, product and support teams. The coverage teams are being categorised based on the economic sector specialisation and Relationship Managers act as trusted advisors to banks clients.
Further the Wholesale Banking Group leverages on the bank’s presence in GCC and support capital and trade flows between Qatar and those countries where the Bank has a presence.
The Global Transaction Banking services including the Cash Management products are being aggressively improved while focussing on digitisation and implementing Corporate Value proposition. Doha Bank’s Information Technology (IT) division has undertaken several transformational initiatives through innovation and utilising cutting edge technology to support the needs of its customers.
The Bank has incorporated technology as an innovation driver to provide state-of-the-art products and services to its customers and has leveraged state-ofthe-art technology to bring increased efficiency and effectiveness to its service delivery. Doha Bank has been a pioneer and is renowned as a prime mover of banking technology and has provided its customers with several innovative products and ‘firsts’ in the country.
In line with its strategy, Doha Bank’s IT continues to deliver Digital Transformation projects to improve customer services and make available self-service anytime/ anywhere banking channels. As part of this Digital Transformation, Doha Bank has enhanced its internet and mobile banking channels with new features in order to enhance customer experience and services. The Bank’s Private Banking caters to high net worth individuals and had established a partnership with Bank of Singapore (BOS) to access their investment platform.
The goal is asset creation and preservation. Clients are risk profiled using BOS methodology in order to establish a suite of matching products to cater for their needs. The investment products offered include money markets, IG bonds, FX, equities, structured notes, funds and third-party investment solutions. Doha Bank is also a leading provider of Trade Finance & Supply chain solutions to its wholesale banking clients locally and in other markets across GCC as well as internationally.
