Doha Bank Achieves Highest Performance Ratio
His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced Doha Bank’s financial results for the first quarter of 2013. 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%. Loans and advances grew by 14.9% to reach QAR 34.4 billionas at 31 March 2013 from QAR 30.0 billion last year. Total assets increased by QAR 4.5 billion, a growth of more than 8.4%, from QAR 52.8 billion as at 31 March 2012 to QAR 57.2 billion as at 31 March 2013. Customer deposits increased to QAR 33.2 billion from QAR 31.4 billion for the same period last year, registering a growth of 5.9% as at 31 March 2013 evidencing the strong liquidity position of the Bank.
H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The Bank has become extremely strong over the years with shareholders’ funds, as at 31 March 2013, at QAR 8.5 billion, registering an increase of 28.8% during the last twelve months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average equity is 21.2%as at 31 March 2013 one of the best in the industry. The Bank, given the scale of operations, has achieved a very high return on the average assets of 2.81% as at 31 March 2013 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”.
Mr. R. Seetharaman, Group Chief Executive Officer, while highlighting the performance of Doha bank in the first quarter of 2013 said, “Continuing with our significant achievements in 2012, the first quarter of 2013 was successful in meeting and exceeding customer expectations, and maintaining our leadership in terms of performance, innovation, security and quality.”
On the successful completion of the Right’s Issue, Dr. R.Seetharaman said, “Doha Bank has successfully completed the 25% Capital increase through Right’s issue of QAR 1.55 billion. Doha Bank’s existing shareholders who were registered at Qatar Exchange subscribed to these additional shares at a rate of QAR 30 per share representing a premium of QAR 20 in addition to a nominal value of QR 10 per share. The issue was oversubscribed by 1.8 times. 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. Earlier during the General Assembly, 45% cash dividend was approved and distributed to the shareholders accordingly.”
On the launch of Doha Bank’s innovative products, Dr. R.Seetharaman said, “Doha Bank has launched TADBEER – The Doha Bank Cash Management Solution – for its corporate clients. TADBEER is an integrated cash management software platform addressing a full range of collections, payment, liquidity management and reporting services. Doha Bank’s cash management solutions also include an innovative service called “SecureDoc” which is a door-to-door document and cheque collection service that will accept cheques, including post-dated cheques, for deposit into the client’s account. Similarly, the Bank’s “SecureCash” collection service helps large volume cash businesses such as retail stores with a door-to-door collection service for all cash deposits. These two collection services are available across Qatar.”
Talking about Doha Bank’s most rewarding banking experience, Dr. R. Seetharaman said, “Al Dana 2012, the most prominent saving scheme in Qatar, which has over the years become the exclusive and definite household name, saw prizes worth QAR 12 Mn given away to its customers for their deposit in their most favored brand. Continuing with its tradition, Doha Bank has launched Al Dana 2013 which is the 10th anniversary of its Al Dana savings programme and keeping within the theme will award QAR 10 Mn in cash, 10 Mercedes E-300 luxury cars, and 10 vacation packages to winners of its lucky draws during 2013. Doha Bank and VISA announced the completion of their latest promotion awarding 30 cash prizes to 30 lucky winners who used their Doha Bank Visa debit cards outside Qatar in foreign currency transactions at points of sale and at ATMs. Through its e-tailing site DohaSooq.com, Doha Bank sold tickets to the World Wrestling Entertainment (WWE) Raw World Tour live event in Qatar. As part of its commitment to its customers Doha Bank also allowed customers to utilize their Doha Bank Dream Loyalty Points to purchase their tickets at designated outlets where Doha bank has exclusively installed points of sale terminals with loyalty acceptance. This is a special feature that has been added to the already extensive Dream Loyalty Points rewards programme in recognition of the fact that the WWE was a key attraction for many of its Dream Credit Card Customers and the ability to redeem points for tickets would definitely be a loyalty reward worth remembering. Owing to its innovativeness, rewarding experience and product features Doha Bank was recently awarded with “Best Credit Card” at the Banker Middle East – Product Awards 2013. Doha Bank extended its unique Zero percent Personal Loan offering for additional 3 months. In another significant development, Doha Bank extended its arrangements with Indiabulls Group to offer Non-Resident Indians (NRIs) exclusive deals on home loans to acquire property in India.”
On the Bank’s international network expansion, he mentioned, “Doha Bank has officially inaugurated it eighth representative office in Sydney, Australia. Our Representative office will help us in capturing more business between Australia and the Gulf states where we already have a presence.”
On the Corporate Social Responsibility initiatives and participation, he added, “Doha Bank has again set a new Guinness World Record for having built the world’s largest soccer ball which is currently on display in the country. The Bank sponsored and developed the project to support the country’s growing role in soccer. The Central Bank Governor, His Excellency Sheikh Abdulla bin Saoud Al Thani was presented with the world record certificate by Doha Bank and Guinness World Records as a tribute to the State of Qatar. On another occasion, Doha Bank won the maximum number of prizes at the marathon organized by Qatar Central Bank in connection with the National Sports Day. As a part of social commitment, Doha Bank participated in College of the North Atlantic Qatar’s (CNA-Q) annual Education and Career Expo as well as Carnegie Mellon University in Qatar’s Professional Day. Doha Bank and College of the North Atlantic-Qatar (CNA-Q), have announced a partnership that will see the two organizations working together to enhance the knowledge-based business advantages available to Doha Bank’s Small and Medium Enterprise (SME) clients.”
Dr. R. Seetharaman concluded by stating, “Capital Intelligence (CI), the international credit rating agency, has affirmed Doha Bank (DB)’s Financial Strength Rating at ‘A’. Capital intelligence has assigned a positive rating (upgraded from stable) on 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. We 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.”