Doha Bank Announces Q3 2024 Financial Results with a Profit of QAR 690 Million

Doha Bank announced its financial results for the period ended 30 September 2024. His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, announced the bank’s Interim Condensed Consolidated Financial Statement for the nine-month period ended 30 September 2024. His Excellency added that the net profit of the Bank for the nine-month period of 2024 amounted to QAR 690 million, representing an increase of 10.1% as compared to the same period in 2023, the previous year.

H.E. Sheikh Fahad said that total assets as at September 30, 2024 reached QAR 109.9 billion to grow by QAR 13.6 billion representing 14.1% as compared to QAR 96.3 billion same period last year, while net loans and advances reached to QR 61.1 billion with a growth of 7.9% as compared to the same period last year. Customer deposits grew by QAR 6.6 billion or 14.5% to reach QAR 51.9 billion as at 30 September 2024 as compared to QAR 45.3 billion last year.

H.E. Sheikh Abdul Rahman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said, “The bank continues to maintain stable capital and liquidity positions. The Common Equity Tier 1 (CET1) ratio reached 13.52% and the Total Capital Adequacy Ratio is strong at 19.74%”. H.E. Sheikh Abdul Rahman, further added, “the loan to deposit ratio continues to be within regulatory limits, reaching 98.34%. The bank has significantly improved its funding profile over the last 9 months, and this will allow the bank to fund future lending growth, which we are anticipating for this year.” Liquidity coverage ratio continues to be high at 149% up from year-end 142%. The total shareholder’s equity reached QAR 14.9 billion, showing an increase of 3.9% as compared to last year.

Group Chief Executive Officer, Sheikh Abdulrahman Bin Fahad Bin Faisal Al Thani shared, “that the Bank remains on course with the Himma Transformation. The improved financial performance reflects Doha Bank’s Himma transformation journey, which involves putting its strategic goals into action. Increasing the growth of profitable assets and low-cost liabilities, improving our digital capabilities, increasing cost efficiencies, and bolstering the bank’s stability and sustainability will remain our top priority. Our goal as a bank is to provide our investors with sustainable growth and long-term value”.

During the third quarter, and in line with its transformation roadmap, Doha Bank Advances Sustainability Efforts with Mastercard Solutions. The bank will implement Mastercard’s Carbon Calculator, join the Priceless Planet Coalition, and sign the Qatar Sustainable Cards Pledge. The Pledge aims to transition first-use plastics from physical payments cards by 2026, two years ahead of Mastercard’s global commitment of 2028. Doha Bank will issue certified sustainable cards in 2025. Doha Bank sponsored the Arab Banking Conference 2024 “Championing Sustainable Development in the Arab Region”. The conference brought together top economic and financial leaders from the Arab world, along with representatives from Arab banks and financial institutions. The conference addressed the financing gap required to achieve the Sustainable Development Goals (SDGs) in the Arab region.

In keeping with Qatar’s ambition to promote electronic payments further and in accordance with the criteria set forth by the Qatar Central Bank, the Bank launched Fawran for Businesses, Offering Instant Payment Solutions to Corporate Clients. Doha Bank is one of the first to go live with Fawran for corporate clients, demonstrating its commitment to digital banking innovation and supporting Qatar’s economy growth. Doha Bank signed an MOU to Provide Exclusive Privileges to Himyan Card Customers, the offer of exclusive discounts on entertainment facilities and outlets when paying using the Himyan Card. The discounts apply to hotels like Katara Hills Resort LXR and Maysan Doha Resort LXR, as well as selected restaurants across The Pearl Island, Lusail Boulevard, Mall of Qatar, and Souq Waqif. Himyan cardholders also enjoy discounts on Lusail Winter Wonderland packages at Al Maha Island’. The Himyan Debit Card, issued under the supervision of Qatar Central Bank, is available to all Doha Bank customers for local financial transactions. Also during the period Doha Bank launched enhanced mobile banking features redefining the customer experience.

In line with the Qatar National Vision to preparing the youth of today for the future, Doha Bank sponsored the First Annual Finance Researcher Award, in collaboration with the Qatar Finance and Business Academy – Northumbria University. The bank aims to foster a strong research culture among Bachelor and Master students in the financial and banking industry. The competition will invite universities to nominate students and award certificates and cash prizes, with one award for the best research project by a Qatari student.

Doha Bank also received the following prestigious awards during this period:

• “Best in Transformation in Qatar” and “Best Bill Payment and Presentment in Qatar” Awards from Global Finance.
• “Excellence in Digital Banking” Award from Finnovex.

Outlook:

As Doha Bank continues its Himma Transformation journey, the focus remains steadfast on achieving sustainable growth and long-term value for our investors. The recent advancements in digital capabilities, cost efficiencies, and sustainability efforts underscore our dedication to Excellence, Innovation and Environmental responsibility. Our initiatives, such as the launch of Fawran for Businesses and the Himyan Card privileges, demonstrate our commitment to enhancing customer experience and supporting Qatar’s economic growth. Looking ahead, we will continue to champion sustainable development, increasing profitability, bolstering sustainability & stability, and leveraging our digital transformation to maintain our leadership in the banking industry. With these strategic priorities, Doha Bank is well-positioned to navigate future challenges and capitalize on emerging opportunities, ensuring continued excellence and recognition in the industry.

Fahad Bin Mohammad Bin Jabor Al Thani
Chairman