DOHA: Doha Bank posted QR801m net profit for the first half of 2015 (H1, 15) as compared to QR787m for the same period in 2014, an increase of almost two percent.
Announcing the H1, 15 financial results, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
The bank’s total assets increased by QR10.7bn, a growth of 14.9 percent, from QR72bn as at June 30, 2014 to QR82.7bn as at 30 June 2015. Net loans and advances increased to QR53.1bn from QR45.3bn for the same period last year, registering a growth of more than 17.0 percent. Customer deposits showed a year on year increase of 16.4 percent to QR51.7bn.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of the bank said: “The bank has become extremely strong over the years with total equity as at 30 June 2015, at QR13.1bn, registering an increase of 19.5 percent during the last 12 months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 18.4 percent as at June 30, 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 2.03 percent which is a clear demonstration of the effective utilization 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 products and services, ongoing customer demand, strategy to capitalise on market synergies in a challenging and competitive environment. As yet another milestone, Doha Bank completed the amalgamation formalities of India operations of HSBC Bank Oman and formally inaugurated its India operations in April 2015.”
In line with the approvals received, Doha Bank completed issuance of Tier 1 capital instrument amounting to QR 2bn. Doha Bank had also distributed 40 percent of the paid up capital as cash dividend to the shareholders during the year.
Summarising the key innovations, achievements and initiatives by Doha Bank in 2015, Dr Seetharaman said “Demonstrating leadership in progressing digital payments in the country, Doha Bank announced the re-launch of its next-generation e-commerce hub, Doha Sooq with contemporary looks, exhaustive product suite and a number of the latest e-commerce features. Furthermore, Doha Bank launched its summer promotion offers spanning from June until August 2015, offering up to 10 percent cash back on certain credit card spend and up to five percent on all international spend.
The Peninsula
