Sheikh Fahad bin Mohammad bin Jabor Al Thani, Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani & Dr. R Seetharaman
DOHA: Doha Bank’s net profit for Q3 2013 recorded an impressive QR1.07bn, representing a growth of 2 percent compared to the QR1.06bn for the same period in 2012. The bank increased its net operating income by 5 percent to QR1.9bn during the period.
Announcing the results here yesterday, Sheikh Fahad Bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
The bank’s total assets increased by more than QR 9.7bn, a growth of 18 percent, from QR53.3bn as at September 30, 2012 to QR63bn as at September 30, 2013. Net Loans & Advances increased to QR38.9bn from QR31.8bn for the same period last year, registering a growth of more than 22 percent.
Deposits showed a year on year increase of 29 percent from QR31.1bn to QR40.1bn as at September 30, 2013 reflecting the bank’s strong liquidity position.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, the Managing Director of Doha Bank, said: “Through the strategic utilisation of shareholder’s funds in order to maximize our performance levels, the return on average equity is 18.4 percent, which is one of the highest in the Qatar. The bank, given the scale of operations, has achieved a very high return on average assets of 2.43 percent.
Sheikh Abdul Rehman added: “The bank’s core revenue streams have shown strong growth over the prior year period reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance”.
Capital enhancement
Highlighting the key developments during the third quarter of 2013, Dr. R Seetharaman, Group Chief Executive Officer, elaborated on the bank’s capital enhancement plan.
He said: “After successfully completing the right’s issue for QR1.55bn, which was oversubscribed by 1.8 times, the bank further embarked on its journey for second phase of Capital enhancement.
“In the Board meeting held on October 6, 2013, the Board of Directors resolved to put forth the proposal of Issuing Tier1 Capital Notes amounting to QR2bn to the Extra Ordinary General Assembly of the shareholders. This will enhance the bank’s prospects in achieving its strategic goals, strengthen its lending capacity and improve its competitive edge,” he said.
In line with Doha Bank’s International expansion strategy, marking a significant milestone in fostering strong bilateral relationships, the bank inaugurated a representative office in Toronto. Earlier during the year, the bank had set up a representative office in Australia.
Doha Bank is also in the process of inaugurating its representative offices in Hong Kong and also one in Sharjah.
The bank has also successfully completed the initial offer on its ‘Al Hayer Fund’. The ‘Al Hayer’ GCC & Mena Fund is an open-ended fund seeking medium to long term capital appreciation by investing in a portfolio of companies listed on major stock markets across the Middle East region for Qatari individuals, corporates and institutions.
The Peninsula
