Doha Bank Achieves Profit Growth of 11%
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 third quarter of 2019. He said that the bank achieved net profit for the third quarter of 2019 at QAR 819 million as compared to QAR 737 million for the same period in 2018 showing an increase of 11% , and added that the bank has made significant progress in improving the cost management and efficient utilization of resources where the operating cost for the period decreased by 5.8% as compared to same period last year thus reducing the cost to income ratio to 33.6% from 36.5% showing bank’s productive operational performance.
H.E. Sheikh Fahad added that the total assets increased by QAR 16.4 billion, registering a growth of 18.1%, from QAR 90.4 billion as at 30 September 2018 to QAR 106.7 billion as at 30 September 2019. Net loans and advances increased to QAR 65 billion as at 30 September 2019 from QAR 59.2 billion for the same period last year, registering a growth of 9.8%. Customer deposits showed a year on year increase of 12.9% from QAR 52.2 billion to QAR 58.9 billion as at 30 September 2019 which is evidence of the strong liquidity position of the Bank. H.E also pointed out that the total financial investment portfolio increased by QAR 7.5 billion, showing a significant growth of 36.9% as compared to the same period of the last year.
H.E. Sheikh Fahad highlighted that the achieved profit of QAR 819 million for this third quarter as against QAR 737 million of last year same period showing an increase of 11% is due to robust growth on investment income and control on operating expenses, while kept the focus on strengthening the provisions. His Excellency Sheikh Fahad expressed his satisfaction with the growth of the interest income by 7.3% as compared to the same period last year.
He added that, Fitch has affirmed Doha Bank’s Long-Term Issuer Default Rating (IDR) at ‘A’ with a ‘Stable’ outlook, which recognize Doha Bank’s sustainable business model in the current business environment.
H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The total shareholder’s equity stood at QAR 13.5 billion as at 30 September 2019 from QAR 13.1 billion for the same period last year, registering a growth of 3.1%. The bank continued to strengthen its key capitalization ratios, where the total capital adequacy ratio of the bank stood at 16.8% as at 30 September 2019. The bank, given the scale of its operations, has achieved a return on the average assets of 1.08% as at 30 September 2019”.
Dr. R. Seetharaman, said, “Despite challenging market conditions, Doha Bank has been distinguished by its superior products and services, ongoing customer demand, and capitalizing on market synergies in a challenging and competitive environment.” The bank continued to successfully leverage on its international network to diversify its funding sources and expanded its exposure to key sectors. Furthermore, the bank’s top ranking of listed companies in Qatar by ESG Invest, for the second year in a row, reinforced its position as a global sustainability leader.
Fahad Bin Mohammad Bin Jabor Al-Thani