Doha Bank sees H1 profit grow 5% to QR740mn

Doha Bank has reported more than 5% growth in its net profit to QR740mn in the first half of this year. “This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle,” Doha Bank chairman Sheikh Fahad bin Mohamad bin Jabor al-Thani said after the board meeting yesterday. Doha Bank increased net operating income by 3.5% to QR 1.22bn. Total assets expanded by more than QR2.3bn, a growth of more than 4.7%, to QR51.9bn as at June 30 2012. Net loans and advances increased to QR 29.7bn from QR27.7bn for the same period last year, registering a growth of 7%. Deposits showed a year-on-year increase of 3.9% to QR30.3bn as at June 30, 2012, which is an evidence of the strong liquidity position of the bank. “Through the strategic utilisation of shareholder’s funds in order to maximise our performance levels, the return on average equity is 22.7% as at June 30, 2012 which is one of the highest in the Qatar,” Sheikh Abdul Rehman bin Mohamad bin Jabor al-Thani, managing director of Doha Bank, said. The bank, given the scale of operations, has achieved a very high return on average assets of 2.84% in the first half of this year, which is a clear demonstration of optimum asset allocation strategies, according to him. R Seetharaman, Doha Bank Group chief executive, highlighted the key innovations, achievements and initiatives by the bank in the second quarter of 2012. This quarter saw Doha Bank unveiling the new branch identity at the Gate Branch, which is designed and developed keeping in mind the customer’s personalised expectations and preferences to sustain their trust and deliver a new format of banking. This also reflected during its opening of the new Museum Branch which is located at Al Mathaf Street. It has been deliberately designed with a modern zoning concept for the customers to deliver an engagingly exciting banking experience. Doha Bank Treasury and Investments department launched the bullion initiative which allows its customers to buy physical gold from the branches over the counter. From gulf-times