Doha Bank Achieves Profit of QAR 892 Million
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 2021. He said that the bank achieved net profit for the first nine months of 2021 at QAR 892 million as compared to QAR 772 million for the same period in 2020 showing an increase of 15.6%. His Excellency also stated that the net interest income significantly grew by 13.7% as compared to last year to reach QR 1.9 billion and the net operating income stood at QR 2.3 billion showing a growth of 7.1% as compared to same period last year. He further 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 2.5% as compared to same period last year thus reducing the cost to income ratio to 28.1% from 30.9% showing bank’s productive operational performance.
H.E. Sheikh Fahad added that the total assets stood at 103.4 billion as compared to 106.5 billion as at 30th September 2020. Net loans and advances increased to QAR 64.8 billion as at 30th September 2021 from QAR 63.1 billion for the same period last year, registering a growth of 2.7%. Customer deposits showed a year-on-year increase of 7.3% from QAR 55.8 billion to QAR 59.9 billion as at 30th September 2021 which is evidence of 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 total equity stood at QAR 14.5 billion as at 30th September 2021 registering a growth of 5.0%. The bank continued to strengthen its key capitalization ratios, where the total capital adequacy ratio of the bank stood at 19.81% as at 30th September 2021 from 18.38% as compared to the same period last year. The bank, given the scale of its operations, has achieved a return on the average assets of 1.15% as at 30th September 2021”.
H.E. Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, the Chairman of the Doha Bank, commented “Looking ahead, we continue to be optimistic about the prospects of the bank. The ongoing digital transformation of Doha Bank has allowed us to be a major participant and to incubate new lines of businesses that leverage upon our relationships”.
His Excellency Sheikh Fahad said also that under the wise leadership pursued by H.H. Sheikh/ Tamim bin Hamad Al Thani, Emir of the State of Qatar, and his directives to provide support to all sectors, and as part of the collective efforts made by all agencies and institutions in Qatar to help the people of Qatar in handling the current situation related to COVID-19 pandemic, and based on the instructions issued by Qatar Central Bank in this regard, Doha Bank has made all efforts to be a main pillar in supporting the plans of the State, QCB and companies, and have been working to address the obstacles faced by all customers. Furthermore, H.E. Sheikh Fahad expressed confidence that all customers of the bank will adapt to the digital banking transformation adopted by Doha Bank.
Fahad Bin Mohammad Bin Jabor Al-Thani