(MENAFN- The Peninsula) The extraordinary general assembly (EGM) of Doha Bank yesterday gave approval to the bank to issue Tier 1 capital instruments worth QR2bn. The issuance of these instruments will enhance bank's Tier 1 capital base and strengthen its Capital Adequacy Ratio. The shareholders of the bank also gave nod to issue debt bonds using Doha Bank EMTN programme.
"The future plan of the bank includes implementation of an effective Risk Management strategy both at local and international fronts, recruiting Qatari nationals, enhancing the levels of staff performance by recruiting highly experienced and qualified human resources, improving banking services delivery channels, upgrading the level of Corporate Governance in the bank, diversifying its income sources and strengthening the financial position with a view to achieving the highest level of effective operational performance," said Fahad bin Mohammad bin Jabor Al Thani, Chairman, Doha Bank in the general assembly meeting held yesterday.
The chairman announced that the Ordinary General Assembly of the Shareholders in its meeting endorsed the Board of Directors' corporate Governance report for year 2014 and the balance sheet and profit & loss account for the financial year ended December 31, 2014 and also endorsed the Board's recommendation to distribute cash dividends of QR4 per share to the shareholders.
The chairman said by the end of 2014, bank achieved extraordinary growth rates in all financial indicators. The total assets rose by 12.8 percent reaching to QR75.5bn, total portfolio of loans and advances rose by 18.1 percent, total customers' deposits rose by 8.1 percent and the total shareholders' equity reached to QR11.3bn. "We also achieved a growth rate of 3.5 percent in net profit whereas the net profit achieved by the end of the year was QR1,359m compared to QR1,313m in 2013 in addition to a growth rate of 12.5 percent in total operational income. These robust results were reflected in strong performance ratios particularly the return on average shareholders' equity and the return on average assets which were 16.5 percent and 1.93 percent respectively."
"In the same year, we approved bank's three-year strategic plan and incorporated some amendments to bank's business strategy especially with regards to the activities of overseas branches and representative offices across the world," said the chairman.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.