(MENAFN- The Peninsula) Doha Bank, Qatar's fifth-largest lender by assets, delivered a solid QR1.35bn as net profit for the full-year 2014, reflecting a 3.1 percent growth.
The bank increased its net operating income by 12.5 percent to QR2.9bn. Fees and commission income for the year 2014 showed an impressive growth of 27.3 percent to QR516m as compared to QR405m for the year 2013. Total assets increased by QR8.5bn, a growth of 12.8 percent, from QR67.0bn as at December 31, 2013 to QR75.5bn as at December 31, 2014.
"This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently", Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, said while announcing the results.
Doha Bank's net loans & advances increased to QR48.6bn in 2014 from QR41.1bn in 2013, registering a growth of 18.1 percent. Deposits showed a year-on- year increase of 8.1 percent from QR42.5bn in 2013 to QR45.9bn as at December 31, 2014 which is evidence of the strong liquidity position of the bank.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of the bank, said: "The bank continues to perform well with total equity, as at December 2014, at QR11.3bn, registering a marginal increase of 0.2 percent during the last year. Through the efficient asset allocation model the return on average shareholders' equity is 16.4 percent as at December 2014 one of the best in the industry. The bank has achieved a very high return on average assets of 1.93 percent as at December 2014, which is a clear demonstration of the effective utilisation of shareholder's funds.
"The bank's core revenue streams have shown strong growth over the previous year reflecting on the bank's intrinsic strength towards recurring earning capacity and also on the bank's productive operational performance", Sheikh Abdul Rehman added.
Doha Bank continues to maximise shareholder value which is clearly evident from the successful results displayed. This is largely due to the bank's strategy to innovate, diversify and capitalise on market synergies. Dr R Seetharaman, Chief Executive Officer of Doha Bank, highlighted that the Extra Ordinary General Assembly meeting of the shareholders of Doha Bank held on November 30, 2014, had unanimously approved the Scheme of Amalgamation to take over the India operations business of HSBC Bank Oman by Doha Bank, India, on a going concern basis, subject to necessary regulatory approvals, in line with the bank's international expansion strategy.
Highlighting the key innovations, achievements and initiatives by Doha Bank in 2014, Dr Seetharaman, said: "Doha Bank inaugurated its first electronic branch in Dubai besides introducing various products and services such as acquisition financing, deal underwriting, factoring, M&A advisory, JV arranging, project financing, aircraft financing, online money transfer through credit card, mobile e-remittance for payroll card holders, deposit cards and mobile banking for corporate customers, CMS for UAE & Kuwait customers to name a few.
During the year, Doha Bank came up with various schemes, promotions and campaigns, such as pre-approved, pre-screened loan campaign, offering up to 100 percent finance option for Messaeid Petrochemical Holding Company IPO subscribers.
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