By Satish Kanady

DOHA: Doha bank recorded a net profit of QR708m for the first half of 2016. The bank";s total assets increased by QR4.6bn, up 5.6 percent to QR87.4bn compared to QR82.7bn recorded a year ago.

Net loans & advances increased to QR55.4bn from QR53.1bn reported for the same period last year, registering a growth of 4.5 percent. Deposits showed a year on year increase of 1.3 percent from QR51.7bn to QR52.4bn reflecting the bank";s strong liquidity position.

Announcing the financial results, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, stated the bank sustained the core income as the net operating income is up by 0.7 percent as compared to the same period, despite the sharp decline in the oil prices and the challenges faced by the global financial markets. 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.

Sheikh Fahad added: 'Different economies in the world are currently facing challenges. Moreover, the sharp decline of the oil prices during the last period has made the matter more complicated, and in spite of all these circumstances, the Qatari economy is still strong and coherent, and we are confident that under the wise leadership of H H Sheikh Tamim bin Hamad Al Thami, Emir of Qatar, the Qatari economy will remain strong and,the increasing number of the upcoming projects will be reflected positively on the performance of Doha Bank and the Qatari banking system as a whole”.

Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank, said 'The Bank has become extremely strong over the years with total equity, as at June 30, 2016, at QR13.1bn, registering an increase of 0.1 percent during the last twelve months. Through the strategic utilisation of the shareholder";s funds by way of increasing our performance levels the return on average shareholders"; equity is 15.7 percent as at June 30, 2016, one of the best in the industry. The Bank, given the scale of operations, has achieved a very high return on the average assets of 1.66 percent which is a clear demonstration of the effective utilisation of shareholder";s funds and optimum asset allocation strategies”.

Dr R Seetharaman, Chief Executive Officer of Doha Bank, said 'Doha Bank";s strong results highlights the strength of its vision and strategy to capitalise on market synergies. Recently, Doha Bank held an Ordinary General Assembly of Shareholders, wherein it was unanimously agreed for Doha Bank to issue Certificate of Deposits (CD) program and Commercial Papers (CP) programme subject to necessary regulatory and other approvals. Subsequently, Doha Bank became the first Qatari Bank to tap the Taiwanese market on a loan syndication by successfully completing a syndicated borrowing with an overwhelming response securing $180m for 3 years with cost effective pricing.”

Doha Bank had also distributed 30 percent of the paid up capital as cash dividend to the shareholders during the year.

For the 7th consecutive year, Doha Bank";s credit card holders are celebrating summer on the occasions of Ramadan and Eid season, through attractive rewards such as 10 percent cash back across all Qatar Duty Free (QDF), 5 percent cash back on all foreign currency transactions until July 31, 2016. This was also coupled with 3 percent cashback on all local spend in the month of June, reaffirming the bank";s commitment to customer satisfaction and loyalty.

The Peninsula