DOHA: Doha Bank recorded an impressive QR395m net profit for the first quarter of 2013 as compared to QR390m for the same period in 2012 showing an increase of 1.4 percent. The bank’s loans and advances grew by 14.9 percent to reach QR34.4bn as at March 31, 2013, from QR30bn last year.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, said the bank’s total assets increased by QR4.5bn, a growth of more than 8.4 percent, from QR52.8bn as at March 31, 2012, to QR57.2bn as at March 31, 2013. Customer deposits increased to QR33.2bn from QR31.4bn for the same period last year, registering a growth of 5.9 percent reflecting the strong liquidity position of the bank.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank, said: “The bank has become extremely strong over the years with shareholders’ funds, as at March 31, 2013, at QR8.5bn, registering an increase of 28.8 percent during the last 12 months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average equity is 21.2 percent as at March 31, 2013, one of the best in the industry. The bank, given the scale of operations, has achieved a very high return on the average assets of 2.81 percent as at March 31, 2013, which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies.”
Dr R Seetharaman, Group Chief Executive Officer, said: “Continuing with our significant achievements in 2012, the first quarter of 2013 was successful in meeting and exceeding customer expectations, and maintaining our leadership in terms of performance, innovation, security and quality.”
On the successful completion of the rights issue, Dr Seetharaman said: “Doha Bank has completed the 25 percent capital increase through rights issue of QR1.55bn. Doha Bank’s existing shareholders who were registered at Qatar Exchange subscribed to these additional shares at a rate of QR30 per share representing a premium of QR20 in addition to a nominal value of QR10 per share.
“The issue was oversubscribed by 1.8 times. This capital increase will enhance the shareholders’ equity base and support the bank’s prospects for achieving its strategic goals at the local, regional and global levels. Earlier during the General Assembly, 45 percent cash dividend was approved and distributed to the shareholders accordingly.”
Tadbeer
On the launch of Doha Bank’s innovative products, Dr Seetharaman said: “Doha Bank has launched Tadbeer — The Doha Bank Cash Management Solution — for its corporate clients. Tadbeer is an integrated cash management software platform addressing a full range of collections, payment, liquidity management and reporting services. Doha Bank’s cash management solutions also include an innovative service called “SecureDoc” which is a door-to-door document and cheque collection service that will accept cheques, including post-dated cheques, for deposit into the client’s account. Similarly, the Bank’s “SecureCash” collection service helps large volume cash businesses such as retail stores with a door-to-door collection service for all cash deposits. These two collection services are available across Qatar.”
On the bank’s most rewarding banking experience, Dr Seetharaman said: “Al Dana 2012 prizes worth QR12m were given away to its customers for their deposit in their most favoured brand. Continuing with its tradition, Doha Bank has launched Al Dana 2013 which is the 10th anniversary of its Al Dana savings programme and, keeping within the theme, will award QR10m in cash, 10 Mercedes E-300 luxury cars, and 10 vacation packages to winners of its lucky draws during 2013.”
Doha Bank has officially inaugurated it eighth representative office in Sydney, Australia. The office will help us in capturing more business between Australia and the Gulf states where we already have a presence. Capital Intelligence (CI), the international credit rating agency, has affirmed Doha Bank’s financial strength rating at ‘A’, Dr Seetharaman added.
The Peninsula
