Doha Bank Q.P.S.C. Achieves a Profit of QAR 627 million for the period ended 30 September 2023

Press Release

Doha Bank Q.P.S.C. Achieves a Profit of QAR 627 million
for the period ended 30 September 2023

Doha Bank Chairman, His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, announced Doha Bank’s Net profit of QAR 627 million, for the nine-months of 2023. H.E Sheikh Fahad said that total assets stood at QAR 96.3 billion, while Net loans and advances reached QAR 56.7 billion and customer deposits reached to QAR 45.3 billion as at 30 September 2023.

His Excellency further stated, on his own behalf and on behalf of the Board of Directors, “we welcome Sheikh Abdulrahman Bin Fahad Bin Faisal Al Thani as Group Chief Executive Officer of Doha Bank during this pivotal moment during its long journey,”. We are confident that Doha Bank will continue to grow under the leadership of Sheikh Abdulrahman Bin Fahad to play its strategic role in the banking sector in Qatar.”

His Excellency also stated that net operating income reached QAR 794 million, an increase of 11% (Q3-2023 to Q2-2023). The Bank also achieved net interest income of QAR 562 million, an increase of 4.5% compared to QAR 537 million (Q3-2023 to Q2-2023).

Net fees and commissions increased by 1.6% compared to the same period of the previous year. The Bank also achieved a growth in loans to the private sector by 2.2% compared to the same period of the previous year. On the other hand, the Bank increased the value of provisions by 13% compared to the same period of the previous year, resulting in an increase in total provision coverage (including ECL) of 108%.

H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said, “the bank continues to maintain solid capital and liquidity positions. The Common Equity Tier 1 (CET1) ratio remains above 12.8%, marginally higher than the year before. And the Total Capital Adequacy Ratio is still one of the highest amongst Qatari banks, closing at 19.3%. Liquidity coverage ratios continues to be high, at 138.6%, thanks in part to the targeted longer-term refinancing of operations and other support measures. The total shareholder’s equity reached QAR 14.4 billion, an increase of 2.1% year to date”.

“It is with great pleasure that I accept this appointment as Group Chief Executive Officer,” said Sheikh Abdulraham Bin Fahad. As the bank’s real differentiator for future growth, we will continue to place a strong emphasis on the consolidation of the bank’s operations both domestically and abroad, in accordance with the bank’s five-year strategy.

Additionally, the bank is working to strengthen its relationships and improving the asset quality. While we wait for the private sector growth to evolve in Qatar, we are expanding our staff to concentrate on the syndications and public sector side of the business.

It is noteworthy to emphasize that Doha Bank completed its Sustainable Finance Framework effectively in the first half of the year and received a second party opinion from Morningstar Sustainalytics. This allows the bank to issue Green, Social, and Sustainability Financing Instruments (depending on market opportunity and timing) as the framework’s completion shows the bank’s dedication to sustainability. Additionally, the bank was granted the distinguished title of “Best ESG Integration in Qatar”. The achievement of Doha Bank in incorporating environmental, social, and governance (ESG) considerations into its strategy, operations, and reporting is acknowledged by this award. Doha Bank has been a pioneer in adopting the best practices and standards of ESG in the region, demonstrating its commitment to creating positive impact for its stakeholders and the society at large.

With success, the bank transformed two branches into two Corporate Service Centers, which are devoted to receiving and assisting the bank’s clients. In addition to increasing productivity and streamlining processes, this will improve customer satisfaction. Doha Bank has closed its representative office in Sri Lanka as part of its ongoing rationalization of its global network. The bank also closed its representative office in Canada and its branch in Chennai, India, in Q3 of 2023. These entities’ operations have been effectively combined with the London representative office and the Kochi branch of Doha Bank, respectively.

With the premier credit card solutions and options, the bank continues to launch cobranded initiatives through customer-focused promotions and marketing. The bank also started a Card acquisition program that offers unrivalled rewards and prizes to new Doha Bank customers.

In his final remarks, Sheikh Abdulraham Bin Fahad said, “There is much work to be done, and there are still some challenges ahead of us in the short term, but the foundation we lay today will position the bank as the lead preferred bank not only locally but regionally with a wider global reach over the longer term.”