His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BOD) in its meeting held on 20 January, 2015 has approved the draft of the Bank’s audited financial statements for the year ended 2014. His Excellency added that the net profit of the Bank for the year 2014 is QR 1,354 million as compared with QR 1,313 million in the year 2013 representing a growth rate of 3.1%. At the same meeting, the BOD has decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR 4 per share to the shareholders in addition to a recommendation to EGM to Issue Tier 1 capital during 2015. Following are the board resolutions:
- Approved the draft of the audited financial statements of the year 2014.
- To submit a recommendation to the Ordinary General Assembly to distribute cash dividends to the shareholders for QR (4) for each share.
- To submit a recommendation to the Ordinary General Assembly of the Shareholders to approve issuance of Debt Notes “Bonds” using Doha Bank EMTN programme whose main components would be as follows:
- In varying amounts which would, in aggregate, not exceed the EMTN programme valuing US$ 2 Billion.
- That no single deal would exceed US$ 750 million.
- In various major currencies including US Dollar, Australian Dollar, Yen, Swiss Francs, Sterling Pound.
- To varying maturities not exceeding 10 years for Senior Debt and 30 years for Private placements.
- Be issued either by an SPV guaranteed by Doha Bank or through Doha Bank directly.
- Total outstanding/due Debt Notes “Bonds” of the Bank should not exceed at any time the Bank’s capital unless the excess amount is guaranteed by a bank operating in Qatar.
- To authorize the Board of Directors of Doha Bank and those authorized by the Board to take all necessary actions to execute these issuances within the programme after obtaining the approval of Qatar Central Bank, the Ministry of Economy and Commerce and any other competent authorities.
- Delegation from AGM of shareholders to the Board would be valid for 3 years.
- To submit a recommendation to the Extra Ordinary General Assembly of the shareholders to obtain their approval for Doha Bank to issue Tier 1 Capital Instruments amounting to QAR 2 billion either directly or through a Special Purpose Vehicle as per the terms of the Issue which shall include but not limited to the following:
- The instrument for the Issue shall be Tier 1 Capital Instruments qualifying as Additional Tier 1 Capital for Doha Bank in Qatar as per the terms and requirements of QCB.
- The Issue Date shall be on or before June 30th, 2015.
- The Maturity of this instrument shall be perpetual, but callable only after  years.
- The Issue shall be through private placements by Qatari institutions.
- To authorize the Board of Directors of Doha Bank and those authorized by the Board to determine the terms and conditions and undertake all the necessary steps and execution mechanisms for the Issue after obtaining the approval of Qatar Central Bank, the Ministry of Economy and Commerce, and any other competent authorities.
- To call the Ordinary and Extraordinary General Assembly of the Shareholders for a meeting on the 4th of March 2015, and in the event the quorum is not met, a second meeting will be held on the 8th of March 2015.
- Approved the Agenda of the Ordinary and the Extraordinary General Assembly Meeting of the shareholders.
Furthermore, His Excellency said that the Bank has achieved noticeable growth rates in all financial indicators. The total assets rose from QR 67 billion in 2013 to QR 75.5 billion in 2014 i.e. a growth rate of 12.8%. Loans & advances rose from QR 41.1 billion in 2013 to QR 48.6 billion in 2014 i.e. a growth rate of 18.1%. The customer’s deposits grew by 8.1%, where the total deposits increased from QR 42.5 billion in 2013 to QR 45.9 billion in 2014. The total shareholders equity reached to QR 11.3 billion by year end i.e. an increase of 0.2% as compared to last year.
H.E. Sheikh Fahad also declared that the bank has achieved noticeable growth rate in the total operating Income of 12.5%, where the total operating income rose from QR 2.5 billion in 2013 to QR 2.9 billion in 2014. The earnings per share was QR 5.24. The return on adjusted average shareholders’ equity and the return on average assets were 16.4% and 1.93% respectively.
H.E. Sheikh Fahad added that the audited financial statements, declared net profit, proposed cash dividends percentage and proposed Issuance of Debt Notes “Bonds” using Doha Bank EMTN programme and Issuance of Tier 1 capital Instruments are subject to the approval of the concerned regulatory authorities and the Shareholders General Assembly. He also said that the Board of Directors and the Executive Management will work together to achieve greater results and achieve the objectives that are outlined in the Bank’s strategy for the coming three years.
Fahad bin Mohammed bin Jabor Al Thani,