(MENAFN - Gulf Times) Driven by growth across its portfolios of operations, Doha Bank has posted full-year net profit of QR1.24bn in 2011, up 18% on the year before.
The bank's total assets rose to QR52.4bn last year, an increase of 11% compared with 2010, said Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani.
Total loans and advances rose from QR26.5bn in 2010 to QR30.7bn in 2011, representing a growth of 15.7 %. Customers' deposits grew by 2.8% to QR31.7bn in 2011 compared with QR30.8bn in 2010.
The shareholders equity totalled QR7.1bn in 2011, which is an increase of 17.3% compared with the previous year.
Doha Bank's board of directors decided to submit a recommendation to the General Assembly to approve distribution of cash dividends to the shareholders at the rate of 45% of the paid up capital, which translates into QR4.50 per share.
The earnings per share were QR6.03. The return on average shareholders' equity and the return on average assets were an impressive 22% and 2.49% respectively.
Doha Bank's successful results are largely attributable to the bank's Strategy to innovate, diversify and capitalize on market synergies, as it continues to increase shareholder value.
Doha Bank Group CEO R Seetharaman said the bank's non-performing loans (NPLs) were just 3.3% of total loans.
Highlighting Doha Bank's contribution towards Qatar National Vision 2030, Seetharaman said: "Doha Bank is continually striving to create job opportunities for Qataris and fully participate in achieving the goals set for Qatar National Vision 2030 by HH the Emir, Sheikh Hamad bin Khalifa al-Thani.
Doha Bank has adopted a five-year strategy to increase the percentage of Qatari employees in the bank. Various programmes in this direction have proved to be very effective as the percentage of Qatari employees has crossed 25% in 2011.
In line with the Qatar Central Bank's directive the bank has discontinued the Doha Islamic services by end-2011.
Last year, the bank opened new representative offices in Abu Dhabi and Germany. The bank has also received licence for a branch in Abu Dhabi and intends to become fully operative in early 2012.
Doha Bank also inaugurated two new branches at Umm Salal and Aspire Zone, three new electronic branches in Moaither, a Qatar Petroleum facility, Parco mall in addition to the first Payroll Card Centre e-Branch.
Doha Bank also inaugurated its new Corporate Service Centre, which is designed to offer a number of cash related services. Additionally, Doha Bank Assurance Company (DBAC), a 100% owned subsidiary of Doha Bank, has been awarded the retail insurance operating license.
On the retail front, Seetharaman said Doha Bank had launched the 25% cash back offer with multiple opportunities for "Free for Life" Dream credit cards holders. Similarly, Al Dana with a total of 20.22kg of gold mega prize, proved to be the "greatest engagement programme" running with "distinction" and yielding the best chances with more winners and fabulous prizes.
On the international front, Seetharaman said Doha Bank entered into an agreement with Akbank, and National Bank for hassle-free remittance of funds from Qatar to Turkey and Bangladesh, respectively.
One future plans, he said: "We look at 2012 as the year of value creations. In Doha Bank customer is our priority and all the initiatives undertaken are directed towards customer satisfaction.
"The forward looking vision of board, high level of commitment of management and staff, customer care, best suite of products and services, and ongoing product and service improvement as the main reasons for Doha Bank scaling great heights.
"We are committed to sustaining growth, profitability and meeting stakeholder and customer expectations and maintaining our hallmark in terms of performance, innovation, security and quality."