Doha Bank Chairman of the Board of Directors Sheikh Fahad bin Mohammad bin Jabor Al Thani, Managing Director Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, CEO Dr R Seetharaman
DOHA: Doha Bank achieved a net profit of QR819m for the third quarter of 2019 (Q3, 19), an increase of 11 percent as compared to QR737m for the same period in 2018. The bank made significant progress in improving the cost management and efficient utilization of resources during the period. Doha Bank’s operating cost for the period decreased by 5.8 percent as compared to same period last year thus reducing the cost to income ratio to 33.6 percent from 36.5 percent showing bank’s productive operational performance.
Announcing the financial results, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank stated the bank’s total assets increased by QR16.4bn, registering a growth of 18.1 percent, from QR90.4bn as at 30 September 2018 to QR106.7bn as at 30 September 2019. Net loans and advances increased to QR65bn from QR59.2bn, registering a growth of 9.8 percent.
Doha Bank’s customer deposits showed a year-on-year increase of 12.9 percent from QR52.2bn to QR58.9bn, reflecting the strong liquidity position of the Bank. The total financial investment portfolio increased by QR7.5bn, showing a significant growth of 36.9 percent as compared to the same period of the last year, Sheikh Fahad said.
The Doha Bank Chairman noted that the achieved profit of QR819m for this third quarter as against QR737m of last year same period showing an increase of 11 percent is due to robust growth on investment income and control on operating expenses, while kept the focus on strengthening the provisions. Sheikh Fahad expressed his satisfaction with the growth of the interest income by 7.3 percent as compared to the same period last year.
He added that, Fitch has affirmed Doha Bank’s Long-Term Issuer Default Rating (IDR) at ‘A’ with a ‘Stable’ outlook, which recognize Doha Bank’s sustainable business model in the current business environment.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said “The total shareholder’s equity stood at QR13.5bn as at 30 September 2019 from QR13.1bn for the same period last year, registering a growth of 3.1 percent. The bank continued to strengthen its key capitalization ratios, where the total capital adequacy ratio of the bank stood at 16.8 percent as at 30 September 2019. The bank, given the scale of its operations, has achieved a return on the average assets of 1.08 percent as at 30 September 2019”.
Dr R. Seetharaman, CEO of Doha Bank said, “Despite challenging market conditions, Doha Bank has been distinguished by its superior products and services, ongoing customer demand, and capitalizing on market synergies in a challenging and competitive environment.” The bank continued to successfully leverage on its international network to diversify its funding sources and expanded its exposure to key sectors. Furthermore, the bank’s top ranking of listed companies in Qatar by ESG Invest, for the second year in a row, reinforced its position as a global sustainability leader.
