DOHA: Doha Bank recorded an impressive net profit of QR1.13bn for the third quarter of 2014, reflecting a 5 percent growth compared to QR 1.07bn for the same period in 2013.
“This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently,” Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank said while announcing the results yesterday. The bank increased its net operating income by 14 percent to reach QR2.2bn. Fees and commission income showed an impressive growth of 27 percent, reaching QR363m as compared to QR286 m for the same period in 2013.
Total assets increased by QR7.3bn, a growth of 12 percent, from QR63.0bn as at 30 September 2013 to QR70.3bn as at September 30, 2014.
Net loans and advances increased to QR44.6bn from QR38.9bn for the same period last year, registering a growth of 15 percent. Deposits showed a year-on-year increase of 10 percent from QR40.1bn to QR44bn as on September 30, 2014 which is evidence of the strong liquidity position of the bank.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said “The bank continues to perform well with total equity at QR11.3bn, registering an increase of 25 percent during the last 12 months. Through the efficient asset allocation model, the return on average equity is 16.3 percent one of the best in the industry. The bank has achieved a very high return on average assets of 2.2 percent which is a clear demonstration of the effective utilisation of shareholder’s funds. The 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.”
During the period, the Board of Directors unanimously approved the Scheme of Amalgamation to enable Doha Bank QSC, India to take over and to combine the banking business of HSBC Bank Oman SAOG, India with Doha Bank, QSC India operation as a going concern in line with the bank’s international expansion strategy. Accordingly, the Board also resolved to call the Extra Ordinary General Assembly of the shareholders for a meeting to consider and approve the amalgamation scheme as well as authorise issuance of debt or any other suitable instrument using Doha Bank EMTN Programme.
On Doha Bank inaugurating its first electronic branch in Dubai, Group CEO Dr R Seetharaman, said: “The new electronic branch is testimony to our positive and aggressive ambition to expand foot-print by increasing ATM and Electronic Banking Network”. The Peninsula
