Doha Bank announces over 1% profit growth with best operating ratios

His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, the leading private commercial bank in Qatar, announced Doha Bank's financial results for the first half of 2013. Net profit for the first half of 2013 recorded an impressive QAR 748 million which represented a growth of 1.1 per cent as compared to QAR 740 million for the same period in 2012. H.E. Sheikh Fahad said, “This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle.”

Doha Bank increased Net operating income by four per cent to QAR 1,273 million. Total assets increased by more than QAR 6.9 billion, a growth of more than 13 per cent, from QAR 52.3 billion as at June 30, 2012 to QAR 59.2 billion as at June 30, 2013. Net Loans & Advances increased to QAR 36.2billion from QAR 30 billion for the same period last year, registering a growth of 20.3 per cent. Deposits showed a year on year increase of 12.3 per cent from 30.3 billion to QAR 34 billion as at 30 June 2013 which is evidence of the strong liquidity position of the Bank.

His Excellency Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “Through the strategic utilization of the shareholder’s funds in order to maximize our performance levels, the return on average equity is 19.6 per cent as at June 30, 2013 which is one of the highest in the Qatar. The Bank, given the scale of operations, has achieved a very high return on the average assets of 2.62 per cent as at June 30, 2013 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”. Further, H.E. 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, Group CEO, Doha Bank, highlighted the key innovations, achievements and initiatives by Doha Bank in the second quarter of 2013. This quarter saw the launch of “Al Hayer GCC & MENA Fund” catering to Qatari Individuals, Corporates and Institutions. He said “While most funds available in Qatar invest in Qatar-based equities, Al Hayer Fund is unique in that it invests in the GCC and MENA markets and aims to deliver above average returns with below average risk through investing in a diversified and carefully selected portfolio of companies across major market sectors”. Doha Bank also announced the launch of its annual summer credit card campaign which will provide eligible cardholders using Doha Bank credit cards with double earnings on all their local and overseas spending throughout the months of June, July and August 2013. Dr. Seetharaman said on the launch of the campaign: “Doha Bank’s summer credit card offers have been the most successful and rewarding promotions of their kind in recent years and each year the Bank strives to deliver a new and exciting proposition that helps our customers gain more value from their seasonal spending on vacations and summer purchases using their cards”

Doha Bank was awarded as the “Best Regional Commercial Bank in the Middle East 2013” at the Banker Middle East Industry Awards on 19th June 2013 at the Emirates Towers Hotel in Dubai, UAE. Dr.. Seetharaman said on the occasion: “Doha Bank will continue to innovate, outperform, delight our customers, and explore new frontiers both locally and internationally, with a drive to excel, and a promise to ensure our valued customers and stakeholders that there is always so much to look forward to”. The bank also won the “Most Innovative Retail Bank in the Middle East for the year 2013” and “Best Performing Trade Correspondent – 2012”.