DOHA: Doha Bank has registered a net profit of QR1.14bn in the third quarter of 2015 compared to QR1.13bn posted in the same quarter previous year. It is a 1 percent growth.
“This is another strong result and is clear demonstration that Doha Bank continues to perform consistently,” said Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank.
Bank’s total assets increased by QR12bn, a growth of 17.1 percent, from QR70.3bn as on September 30, 2014 to QR82.3bn as on September 30, 2015.
Net loans and advances increased to QR54.4bn from QR44.6bn for the same period last year, registering a growth of 21.9 percent. Deposits showed a year on year increase of 18.3 percent from QR44bn to QR52bn as on September 30, 2015, showing 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, as at Q3 2015, at QR13.3bn, registering an increase of 17 percent during the last 12 months. Through the efficient asset allocation model the return on average equity is 17.1 percent as at Q3, 2015, one of the best in the industry. The bank has achieved a very high return on average assets of 1.93 percent in Q3 which is a clear demonstration of the effective utilisation of shareholder’s funds.
Sheikh Abdul Rehman said: “The bank’s 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.”
Dr R Seetharaman, Chief Executive Officer of Doha Bank said: “In line with our international expansion strategy and yet another milestone on this expansion path, Doha Bank inaugurated its 12th representative office in South Africa towards the end of June 2015. This was preceded by Doha Bank completing the amalgamation formalities of the India operations of HSBC Bank Oman and the formal inauguration of its India operations in April 2015. Doha Bank’s strong financial results highlight the strength of its products and services, ongoing customer demand, strategy to capitalise on market synergies in a challenging and competitive environment.”
During the year, Doha Bank completed its issuance of an additional Tier 1 capital instrument amounting to QR2bn, in line with the formal approvals received. Doha Bank had also distributed 40 percent of the paid up capital as a cash dividend to the shareholders earlier during the year.
