The General Assembly Meeting Held on May 10 th , 2016
In the Name of God, Most Gracious, Most Merciful,
Ladies & Gentlemen,
Al Salamu Alaykum…
On behalf of myself and the members of the Board of Directors (BOD), I would like to thank you all on this occasion for attending this meeting. I would also like to extend my sincere thanks to the BOD and the Executive Management for the achievements accomplished during the year 2015 and first quarter of 2016 in the midst of fierce competition in the market and the challenges and difficulties faced by capital markets in the region.
There is no doubt that the substantial decline in oil prices in addition to the political turmoil in the Middle East has adversely affected all economic sectors including the banking sector and market liquidity. Therefore, many banks resorted to issuing debt bonds and instruments to overcome this problem. Despite these difficult circumstances, we were able to achieve good growth rates in most of the financial indicators as we have achieved a net profit of QR 1.4 billion by the end of 2015 and a net profit of QR 354 million by the end of first quarter of 2016. The return on average shareholders’ equity and the return on average assets reached 15.9% and 1.69% respectively as at the end of first quarter of 2016.
In this context and as can be seen from the items on the agenda for this meeting, the bank is planning to issue Certificates of Deposit (CDs) within a program of up to USD 3 billion and Commercial Papers (CPs) within another program of up to USD 2 billion as per the salient features specified under each program.
Due to the wise leadership of His Highness, Sheikh Tamim Bin Hamad Al-Thani, The Emir of Qatar, we trust that Qatar has all the tools and capabilities to launch many development projects in the coming years that will reflect positively on the performance of the banking industry in Qatar in general and Doha Bank in particular.
Finally, on behalf of the Board of Directors and myself, I would like to extend my sincere thanks and gratitude to H.H. The Emir, Sheikh Tamim Bin Hamad Al-Thani, H.E. The Prime Minister, Sheikh Abdullah Bin Nasser Al-Thani, H.E. The Minister of Finance, Mr. Ali Sharif El-Emadi, H.E. The Minister of Economy & Commerce, Sheikh Ahmed Bin Jassim Bin Mohammad Al-Thani, and H.E. The QCB Governor, Sheikh Abdullah Bin Saoud Al-Thani, H.E. The Deputy QCB Governor, Sheikh Fahad Bin Faisal Al-Thani, and to all officials of Qatar Central Bank, the Ministry of Economy and Commerce, Qatar Financial Markets Authority and Qatar Exchange for their continued cooperation and support.
My thanks and appreciation are also extended to all the shareholders, customers for their confidence in the bank and to the Executive Management and all staff of the bank for their continuous cooperation and efforts which led to achieving impressive results for Doha Bank.
Al Salamu Alaykum…
Sheikh Fahad Bin Mohammad Bin Jabor Al Thani