Doha Bank profits up at QR1.37bn

Date

1/25/2016 1:21:05 PM

(MENAFN- The Peninsula)

Senior officials at the press conference yesterday.

DOHA: Doha Bank recorded an impressive QR1.37bn net profit for the year 2015 reflecting a growth of more than 1.1 percent as compared to QR1.35bn for the year 2014.

Announcing the financial results Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani said the bank’s total assets increased by QR7.8bn a growth of 10.3 percent to QR 83.3bn as on December 31 2015.

Net loans and advances increased to QR55.6bn in 2015 from QR48.6bn registering a growth of 14.5 percent. Deposits showed a year on year increase of 14.8 percent from QR45.9bn in 2014 to QR52.8bn demonstrating the strong liquidity position of the Bank. “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently” he said.

Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani Managing Director of Doha Bank said: “The Bank continues to perform well with total equity as at December 2015 at QR13.3bn increase of 17.4 percent during the last year. Through the efficient asset allocation model the return on average Shareholders’ equity is 16.1 percent as at December 2015 one of the best in the industry. The Bank has achieved a very high return on average assets of 1.73 percent in 2015 a clear demonstration of the effective utilisation of shareholder’s funds. 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.”

Doha Bank’s solid result in this challenging market scenario portray its commitment to maximise shareholder value. This was possible largely due to the bank’s strategy to adapt to changing market and economic dynamics through innovation diversification and capitalising on market synergies.

Highlighting the bank’s 2015 innovations and achievements Dr R. Seetharaman CEO said “despite the difficult market conditions Doha Bank managed to secure a $575m syndicated unsecured loan at an attractive pricing and was oversubscribed by $75m. Furthermore Doha Bank completed its issuance of an additional Tier 1 capital instrument amounting to QR2bn. In line with our international expansion strategy Doha Bank inaugurated its 12th representative office in South Africa completed the amalgamation formalities of the India operations of HSBC Bank Oman SAOG and inaugurated its India operations in April 2015.”

“Doha Bank continues to be a leader in banking innovation in the country and a partner of choice among global and regional payment players. To this effect Doha Bank was the first bank in Qatar to launch Apple iWatch Banking solution‘Tablet Banking’ and issue UnionPay cards in the country. Doha Bank also took necessary steps to support and implement Wage Protection System successfully. Through the annual ‘Summer Campaign’ credit card customers received up to 10 percnet cash back on certain credit card spend and up to 5 percent on all international spend” he said.

The Peninsula

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