In the Name of God, Most Gracious, Most Merciful,
Ladies & Gentlemen,
Al Salamu Alaykum…
On behalf of myself and the members of the Board of Directors (BOD’s), I would like on this occasion to give you all my sincere thanks for attending the Ordinary and Extraordinary General Assembly Meetings to discuss the topics on the agenda.
Please let me share with you the financial results of the bank for this year. The Bank’s audited financial statements for 2020 showed total assets which stood by the end of the year at QR 103.5 billion. Net loans and advances reached to QR 65.5 billion. The investment portfolio amounted to QR 24.7 billion. Total customer deposits stood at QR 55.1 billion as at 31 December 2020. Total shareholder’s equity by the end of 2020 reached QR. 13.8 billion.
The income statement shows that the net profit at the end of the year amounted to QR 703 million compared to QR 754 million in 2019 due to significant provisions taken in Qatar and overseas branches and to meet the requirements of IFRS9 and Qatar Central Bank to strengthen the financial position of the bank. Moreover, the earning per share stood at QR. 0.16 with the return on average shareholders’ equity of 5.3% and the return on average assets of 0.66%. Based on these results, the BOD decided to present a recommendation to the AGM to distribute cash dividends to the shareholders for QR (0.075) per share.
It is worth mentioning here that Doha Bank’s team, despite the Covid 19 pandemic that swept the world during last year, made concerted efforts during the past year to carry out a comprehensive plan to adopt a digital and technological transformation strategy in light of the digital revolution and technological development in the world today. We have engaged international leading firm for the purpose of enhancing the services and products provided to our retail and corporate customers to enhance the level of excellence and professionalism compared with the competitive international and local banks, in addition to reducing the costs to achieve the highest returns and profitability which will ultimately serve the interests of the shareholders.
In order to strengthen the Corporate Governance framework in the bank, we have approved several related policies. These policies have been uploaded on the bank’s website under the shareholders’ section. Moreover, the BOD’s also enhanced the concept of internal controls, transparency, disclosures, shareholders relations and stakeholders’ rights, etc. The BOD’s report on Corporate Governance for the year 2020 is readily available to you in this meeting for your review and approval.
On behalf of the Board of Directors and myself, I would like to extend my sincere thanks and gratitude to H.H. The Emir, Sheikh Tamim Bin Hamad Al-Thani, H.E. The Prime Minister, Sheikh Khaled Bin Khalifa Al-Thani, H.E. The Minister of Finance, Mr. Ali Sharif El-Emadi, H.E. The Minister of Commerce and Industry, Mr. Ali Bin Ahmad Ali Al Kuwari, and H.E. The QCB Governor, Sheikh Abdullah Bin Saoud Al-Thani, and to all officials of Qatar Central Bank, the Ministry of Commerce and Industry, Qatar Financial Markets Authority and Qatar Exchange for their continued cooperation and support.
Many thanks and appreciation to all the shareholders and customers for their confidence in the bank and to the Executive Management and all staff of the bank for their continuous cooperation and efforts during the year.
Fahad Bin Mohammad Bin Jabor Al-Thani