Doha Bank records QR1.06bn Q3 profit

Doha Bank net profit has reached QR1.06bn in the third quarter, up 5% on QR1.01bn registered in the same period last year. The bank’s total assets have scaled up to QR52.8bn in the third quarter, up QR2.8bn on QR50bn achieved in the same period last year. The bank’s net operating income increased by 3% to QR1.8bn in the third quarter. Doha Bank’s net loans and advances have accounted for QR31.4bn in the third quarter, up 10.6% on QR28.4bn posted in the same period last year. Deposits totalled QR31.1bn in September, up 2.8% on the same period last year, which indicates the strong liquidity position of the bank. Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said: “This is another outstanding result and is a clear demonstration that Doha Bank continues to perform consistently.” Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said: “Through the strategic utilisation of shareholder’s funds in order to maximise our performance levels, the return on average equity is 21.2% as of September 2012, which is the highest in Qatar. “The bank, given the scale of operations, has achieved a very high return on average assets of 2.69% in September, which is a clear demonstration of optimum asset allocation strategies”. Doha Bank Group chief executive officer Dr R Seetharaman said: “The Board of Directors has resolved in its meeting held in September to submit a recommendation to the extraordinary general assembly to increase the capital of the bank during Q1, 2013 by 50% to meet the bank’s strategic business development requirements. “The instruments, issue’s value and premium, date of issue, and any other related details would be disclosed in accordance with the enforced laws after completion of necessary studies and obtaining the approval of the competent authorities.” On the retail front, Seetharaman, said: “Doha Bank strengthened its gold bullion offerings by launching ‘Go for Gold Campaign’. Customers can buy the purest gold bars, in flexible denominations of 5 grams up to 1kg at the most competitive price.  In addition to this, Doha Bank for the first time in Qatar introduced ‘Loan against pre-owned Gold’. “This summer Doha Bank also introduced the ‘Best car loan offer’ in Qatar, which comes with many features including a 0% interest rate up to six months and leading to the lowest rate for the entire duration. “Doha Bank together with LuLu Hypermarkets recently held a very special event to mark the first anniversary of the launch of the LuLu Doha Bank Shopping credit card. “The LuLu Doha Bank shopping credit card is Qatar’s first shopping credit card and the only credit card that guarantees an instant 5% savings on all purchases made across all LuLu outlets in Qatar. “Doha Bank conducted the 6th Al Dana draw in July 2012. This year alone, Al Dana has awarded QR6mn to some 44 loyal Al Dana winners who have maintained a minimum monthly balance of QR1,000, while giving extra chances with every additional QR1,000 to ensure customer loyalty is rewarded adequately. “Doha Bank has introduced the small and medium enterprises product line in its overseas branch of Kuwait, in addition to the offerings in the Qatar and UAE market.” Doha Bank augmented its expansive network by opening an electronic branch in Al Khor Mall. This will help Doha Bank to serve Qatar’s communities in every corner of the country. Doha Bank’s wholly-owned insurance subsidiary Doha Bank Assurance Company opened the first insurance branch fully dedicated to retail on the ground floor of its C Ring Road headquarters. Recognising this performance, international rating agencies, Moody’s, Standard & Poor’s, Capital Intelligence and Fitch Ratings, have assigned a stable outlook for Doha Bank owing to its consistently strong financial fundamentals, asset quality, and robust liquidity.