Chairman Sheikh Fahad bin Mohammed bin Jabor Al Thani, MD Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani & Group Chief Executive Officer Dr R Seetharaman
DOHA: Doha Bank recorded a net profit of QR748m in the first half of 2013 (H1 2013), up by 1.1 percent as compared to QR740m reported in the same period in 2012.
The bank’s net operating income rose by 4 percent to QR1.27bn in H1 2013.
Doha Bank’s total assets increased by more than QR 6.9bn, a growth of more than 13 percent, from QR 52.3bn as at June 30, 2012 to QR 59.2bn as at June 30, 2013. Net loans and advances increased to QR 36.2bn from
QR30bn for the same period last year, registering a growth of 20.3 percent. Deposits showed a year- -on-year increase of 12.3 percent from QR30.3bn to QR34bn as at June 30, 2013, which is evidence of the strong liquidity position of the bank.
Announcing the first half results, Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank, said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle.”
Through the strategic utilisation of the shareholders’ funds in order to maximise the bank’s performance levels, the return on average equity is 19.6 percent as at June 30, 2013 which is one of the highest in Qatar. The bank, given the scale of operations, has achieved a very high return on the average assets, of 2.62 percent, as at June 30, 2013 which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies, he said.
Sheikh Abdul Rehman added: “The Bank’s core revenue streams have shown strong growth over the previous year period reflecting on the bank’s intrinsic strength towards recurring earning capacity and also on the bank’s productive operational performance”.
Group CEO Dr R Seetharaman highlighted the key innovations, achievements and initiatives by Doha Bank in the second quarter of 2013.
“This quarter saw the launch of “Al Hayer GCC & MENA Fund” catering to Qatari individuals, corporates and institutions. While most funds available in Qatar invest in Qatar-based equities, Al Hayer Fund is unique in that it invests in the GCC and MENA markets and aims to deliver above average returns with below average risk through investing in a diversified and carefully selected portfolio of companies across major market sectors”.
The bank also announced the launch of its annual summer credit card campaign which will provide eligible cardholders using Doha Bank credit cards with double earnings on all their local and overseas spending throughout the months of June, July and
August 2013.
“Doha Bank’s summer credit card offers have been the most successful and rewarding promotions of their kind in recent years and each year the bank strives to deliver a new and exciting proposition that helps our customers gain more value from their seasonal spending on vacations and summer purchases using their cards”, he said.
The Peninsula
