FROM LEFT: Sheikh Fahad in Mohammad in Jabor Al Thani, Chairman of the Board of Directors of Doha Bank; Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank; and Dr R Seetharaman, Chief Executive Officer of Doha Bank.
DOHA: Doha Bank has recorded a net profit of QR1.11bn for the year 2017, up from 1.05bn reported in the year 2016. The bank’s total assets rose by QR3.1bn from toQR93.5bn or 3.5 percent from QR90.4bn recorded a year ago.
Doha Bank board of directors meeting recommended a distribution of 30 percent of cash dividend to the shareholders for the year 2017, which is one of the highest in the industry.
The board of directors’ meeting also recommended the AGM to approve the issuance of Debt Notes “Bonds” by using Doha Bank’s EMTN programme valuing $2bn. It recommended the AGM to reduce the minimum amount per issuance under commercial papers programme from $50m to $1.0m, which was approved earlier by the shareholders in it’s meeting held on May 10, 2016.
Announcing the financial results for the year 2017, Sheikh Fahad in Mohammad in Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, said the bank has achieved noticeable growth rates in many financial indicators. Loans & advances rose to QR59.8bn from QR59.2bn in 2016 , a growth rate of 1.0 percent. The customer’s deposits grew by 6.7 percent, where the total deposits increased from QR55.7bn in 2016 to QR59.5bn in 2017. The total shareholders’ equity reached to QR 14.8bn by year end with an increase of 10.7 percent compared to last year.
Sheikh Fahad said that as of December 31, 2017 the earnings per share was QR3.02 and the return on average shareholders’ equity was 11.9 percent and the return on average assets stood at 1.21 percent.
