His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced Doha Bank’s financial results for Q3 2015. Net profit for Q3 2015 recorded an impressive QAR 1,142 million which represents a growth of 1% as compared to QAR 1,135 million for the same period in 2014. H.E. Sheikh Fahad said “This is another strong result and is clear demonstration that Doha Bank continues to perform consistently.” Total assets increased by QAR 12.0 billion, a growth of 17.1%, from QAR 70.3 billion as at 30 September 2014 to QAR 82.3 billion as at 30 September 2015.
Net Loans & Advances increased to QAR 54.4 billion from QAR 44.6 billion for the same period last year, registering a growth of 21.9%. Deposits showed a year on year increase of 18.3% from QAR 44.0 billion to QAR 52.0 billion as at 30 September 2015 which is evidence of the strong liquidity position of the Bank.
H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The Bank continues to perform well with total equity, as at Q3 2015, at QAR 13.3 billion, registering an increase of 17% during the last twelve months. Through the efficient asset allocation model the return on average equity is 17.1% as at Q3 2015 one of the best in the industry. The Bank has achieved a very high return on average assets of 1.93% as at Q3 2015 which is a clear demonstration of the effective utilization of shareholder’s funds. Further, H.E. Sheikh Abdul Rehman said “The Bank’s core revenue streams have shown strong growth over the prior year period reflecting on the Bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance.”
Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, said “In line with our international expansion strategy and yet another milestone on this expansion path, Doha Bank inaugurated its 12th representative office in South Africa towards the end of June 2015. This was preceded by Doha Bank completing the amalgamation formalities of the India operations of HSBC Bank Oman S.A.O.G and the formal inauguration of its India operations in April 2015. Doha Bank’s strong financial results highlight the strength of its products and services, ongoing customer demand, strategy to capitalize on market synergies in a challenging and competitive environment.”
During the year, Doha bank completed its issuance of an additional Tier 1 capital instrument amounting to QAR 2 billion, in line with the formal approvals received. Doha Bank had also distributed 40% of the paid up capital as a cash dividend to the shareholders earlier during the year.
Dr. R. Seetharaman, highlighting the key achievements and initiatives, said “Doha Bank continues to demonstrate innovative leadership in the country and as the partner of choice among global and regional payment players. To this effect, the bank has partnered with UnionPay International to be the first issuer of UnionPay cards in Qatar. Doha Bank’s customers having Visa Debit Card, Visa Credit Card or its flagship Al Dana Savings account were rewarded during the quarter under various promotion / schemes. Through the recently concluded ‘Summer Campaign’, credit card customers received up to 10% cash back on certain credit card spend and up to 5% on all international spend. Earlier during the year, Doha Bank also launched various initiatives and products such as the re-launch of its next-generation e-commerce hub, Doha Sooq (www.dohasooq.com), ‘Tablet Banking’ – to open an account and receive the debit card instantly and ‘Al Asriya’ – an exclusive ladies banking package. The Bank has also partnered with Reliance ADA Group to provide synergy in product development and congruence in mutual infrastructure support.”
Underlining its role as a frontrunner in providing excellent customer service in Qatar, Dr. R. Seetharaman, asserted “Doha Bank continues to import significant amount of gold to meet the growing customer demand. In celebration of the spirit of the holy month of Ramadan, Doha Bank hosted a special Suhoor banquet for its corporate clients. This was preceded by – ‘Business at Breakfast’, aimed at proactively addressing the needs of Small and Medium Enterprises in Qatar. During the year, Doha Bank joined Qatar Development Bank’s (QDB) new ‘Al Dhameen portfolio risk’ product offering. The bank also hosted a SME customer meet related to the projects financed under Al Dhameen Guarantee program of QDB. Doha Bank hosted several knowledge sharing sessions on various topics encompassing ‘Opportunities in Qatar and GCC’, ‘Best place to do business is Qatar’, ‘Bilateral Opportunities between India, Qatar and Gulf Co-operation Council (GCC)’, ‘Synergetic opportunities between emerging Asia and the GCC’, ‘Japan electronics technology forum for sustainable development’, in Japan, India, Kuwait and Qatar. The bank also conducted a business forum in collaboration with Singapore Business Federation to promote inter-country trade and investment relations.
In line with Qatar National Vision 2030, Doha Bank is committed to promoting the local pool of qualified talent through training programs held for its Qatari national employees as well as participation in various career fairs during the year. Promoting the staff team spirit, Doha Bank recently organized ‘Inter-staff Bowling and Billiards tournament’ preceded by staff cricket tournament and annual Quiz Competition. For the third year in a row, Doha Bank was accorded the ‘Best Regional Commercial Bank’ at The Banker Middle East Industry Awards in recognition of its financial excellence in the Middle East. Doha Bank was also awarded ‘Bank of the Year’ by ITP group in recognition of its consistent and superior performance. Doha Bank had received several awards during the year such as – ‘Best SME Customer Service Award’, ‘Best SME Card’, ‘Best Trade Finance Offering’, ‘Best Corporate Account’ and ‘Best Home Finance Account’. Doha Bank’s long term credit rating was upgraded to A+ from A by Fitch Ratings in 2015.
Displaying commitment to its corporate social responsibility (CSR), Doha Bank organized various events such as a tree planting event in its Dukhan branch under the theme ‘Plan and Plant for the Future’. The bank also organized a blood donation drive in partnership with Hamad Medical Corporation’s Blood Donor Unit. Through its ‘ECO Schools’ Programme, Doha Bank is committed to raising awareness of sustainable development issues among students. Doha Bank also offered financial support to the Qatar Society for Rehabilitation of Special Needs as well as to Traffic Department – Ministry of Interior. In recognition of its activities, Doha Bank received the ‘Environmental Award’ for the second successive year from the Arab Organization for Social Responsibility and ‘Golden Peacock Global Award for Corporate Social Responsibility’ from the Institute of Directors.