By Sachin Kumar
DOHA: Doha Bank is revising its three-year strategic plans, said its Chairman yesterday. The Ordinary General Assembly of the shareholders in its meeting held at Doha Bank’s main tower endorsed the board’s recommendation to distribute cash dividends of QR3 per share to the shareholders. “We are currently in the process of revising the bank’s three-year strategic plan 2016-2018,” said Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of Doha Bank while addressing shareholders of the bank.
The revision will incorporate some amendments to the bank’s business strategy especially with regards to the activities of overseas branches and representative offices across the world. “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,” he added.
The Chairman said that by the end of year 2015, the bank achieved extraordinary growth rates in all financial indicators. The total assets rose by 10.3 percent reaching to QR83.3bn, total portfolio of loans and advances rose by 14.5 percent, total customers’ deposits rose by 14.8 percent and the total shareholders’ equity reached to QR13.2bn.
“We also achieved a growth rate of 1 percent in net profit whereas the net profit achieved by the end of the year was QR1,374m compared to QR1,359m in 2014. These robust results were reflected in strong performance ratios particularly the return on average shareholders’ equity and the return on average assets which were 16.1 percent and 1.73 percent respectively,” said Sheikh Fahad.
The AGM also approved the deals conducted with the related companies that are submitted to the assembly and appointed Ernst & Young to audit Doha Bank’s accounts for the year 2016. “We also improved bank’s Corporate Governance system whereby we approved the Corporate Governance Policy Manual in addition to the policies and procedures manual on the roles, responsibilities and terms of reference of the Board of Directors (BOD), the BOD committees, and the Executive Management committees in addition to code of ethics,” he said.
“This only complements our efforts to enhance the internal controls in the bank, promote the concepts of transparency and disclosure, improve shareholders relations and protect the rights of stakeholders. Our report on Corporate Governance for the year 2015 has been made available to you that reflects Corporate Governance standards followed by the bank,” he added.
In June 2015, Doha Bank enhanced its Tier 1 capital base and Capital Adequacy Ratio, strengthened its lending capacity and improved its competitive edge and prospects for achieving its strategic goals through the issuance of Tier 1 capital instruments for the second time amounting to QR2bn qualifying as additional Tier 1 capital for Doha Bank in Qatar as per the terms and requirements of Qatar Central Bank.
The first QR2bn issuance of similar instruments was carried out at the end of 2013.
The Peninsula
