Doha Bank awarded “Best Regional Commercial Bank in the Middle East 2013” by Banker Middle East

Doha Bank, one of the leading commercial bank in Qatar, has been named the “Best Regional Commercial Bank in the Middle East 2013” at the Banker Middle East Industry Awards on 19^th June 2013 at the Emirates Towers Hotel in Dubai, UAE.

Doha Bank Group CEO Dr. R. Seetharaman, who accepted the award on behalf of the Bank, said on the occasion: “Doha Bank is honored to be recognized with this award which is testament to the hard work of the Bank’s staff and executive management in fulfilling the strategic vision of the Board of Directors. Doha Bank has over the years strived to exemplify the highest level of customer service while also focusing on innovation in delivering financial services to our customers and clients. Today with full fledged branches in Kuwait, Dubai and Abu Dhabi, supported by eight international representative offices, Doha Bank is truly positioned as a multinational GCC-based bank with stakeholders across the region and internationally.”

Doha Bank’s net profit at the end of 2012 was QR 1.305 billion as compared to QR 1.241 billion in 2011, representing an increase of 5.1%. Total assets rose 4.7% from QR 52.7 billion in 2011 to QR 55.2 billion in 2012. Loans & advances grew from QR 31.0 billion in 2011 to QR 33.8 billion in 2012 registering a growth of 8.9%. Customer deposits grew by 8.5%, with total deposits increasing from QR 31.7 billion in 2011 to QR 34.4 billion in 2012. Total shareholders’ equity reached QR 7.6 billion by year end 2012, representing an increase of 6.6% as compared to 2011. The Bank’s total operating income rose from QR 2.3 billion in 2011 to QR 2.4 billion in 2012.

Dr. R. Seetharaman said 2012 was a landmark year for Doha Bank during which it reported excellent financial performance as well as brand performance. “With the momentum of recent years supporting Doha Bank, 2013 has already been a strong year with the first three months continuing the consistent growth trajectory of the Bank.”

Net profit for the first quarter of 2013 recorded an impressive QAR 395 million as compared to QAR 390 million for the same period in 2012 showing an increase of 1.4%. In 2013, Doha Bank also successfully completed a 25% capital increase through a rights issue of QAR 1.55 billion. This capital increase will enhance the shareholders' equity base and support the bank's prospects for achieving its strategic goals at the local, regional and global levels. Following the General Assembly approval in April, a 45% cash dividend was approved and distributed to the shareholders for the year 2012.

Dr. R. Seetharaman added “Doha Bank has officially inaugurated its 8^th international representative office in Sydney, Australia. This office will help the Bank participate in more business between Australia and the Gulf states where we already have a presence and it further augments the Bank’s international presence.” 

Capital Intelligence (CI), the international credit rating agencyrecently affirmed Doha Bank’s Financial Strength Rating at ‘A’. Capital intelligence also assigned a positive rating (upgraded from stable) for Doha Bank’s foreign currency outlook. The affirmation of ratings and the positive outlook reflects the Bank’s very strong retail franchise, growing international network, improving asset quality, strengthening capital adequacy and sound profitability.

Dr. R. Seetharaman concluded by saying “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…”

At this year’s Banker Middle East Industry Awards, nominations were received from around 200 banks and financial institutions from across the Middle East region covering a variety of financial services including retail, corporate, investment, private banking, asset management, fund management, finance companies and consultancy practices.