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 24th of January, 2016 has approved the draft of the Bank’s audited financial statements for the year ended 2015. His Excellency added that the net profit of the Bank for the year 2015 is QR 1,374 million as compared with QR 1,359 million in the year 2014 representing a growth rate of 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 (3) per share to the shareholders. Following are the board resolutions:

• Approved the draft of the audited financial statements of the year 2015.
• To submit a recommendation to the Ordinary General Assembly to distribute cash dividends to the shareholders for QR (3) per share in addition to appropriating QR. 220 m from profit available for distribution return on issued capital instruments qualifying as additional Tier 1 Capital.
• To call the Ordinary and Extraordinary General Assembly of the Shareholders for a meeting on the 7th of March 2016, and in the event the quorum is not met, a second meeting will be held on the 13th of March 2016.
• 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 by QR. 7.8 billion from QR 75.5 billion in 2014 to QR 83.3 billion in 2015 i.e. a growth rate of 10.3%. Loans & advances rose from QR 48.5 billion in 2014 to QR 55.6 billion in 2015 i.e. a growth rate of 15%. The customer’s deposits grew by 15%, where the total deposits increased from QR 45.9 billion in 2014 to QR 52.7 billion in 2015. The total shareholders’ equity reached to QR 13.2 billion by year end by an increase of 17% compared to last year.

H.E. Sheikh Fahad also declared that as of December 31, 2015 the earnings per share was QR 4.85 and the return on average shareholders’ equity was 16.1% and the return on average assets was 1.73%.

H.E. Sheikh Fahad added that the audited financial statements, declared net profit and proposed cash dividends percentage are subject to the approval of the concerned regulatory authorities and the General Assembly of the Shareholders. 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,

Chairman

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 the year 2015. Net profit for the year 2015 recorded an impressive QAR 1,374 million which represents a growth of more than 1.1% as compared to QAR 1,359 million for the year 2014. H.E. Sheikh Fahad said “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”

The Bank increased its Total assets by QAR 7.8 billion, a growth of 10.3%, from QAR 75.5 billion as at 31 December 2014 to QAR 83.3 billion as at 31 December 2015. Net Loans & Advances increased to QAR 55.6 billion in 2015 from QAR 48.6 billion in 2014, registering a growth of 14.5%. Deposits showed a year on year increase of 14.8% from QAR 45.9 billion in 2014 to QAR 52.8 billion as at 31 December 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 December 2015, at QAR 13.3 billion, increase of 17.4% during the last year. Through the efficient asset allocation model the return on average Shareholders’ equity is 16.1% as at December 2015 one of the best in the industry. The Bank has achieved a very high return on average assets of 1.73% as at December 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.”

Doha Bank’s solid result in this challenging market scenario, portray its commitment to maximize shareholder value. This was possible largely due to the bank’s strategy to adapt to changing market and economic dynamics through innovation, diversification and capitalizing on market synergies.

Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, highlighting the key innovations, achievements and initiatives by Doha Bank in 2015, said “Despite the difficult market conditions, Doha Bank recently managed to secure a USD 575 million syndicated unsecured loan at an attractive pricing and was oversubscribed by USD 75 million. Furthermore, Doha Bank completed its issuance of an additional Tier 1 capital instrument amounting to QAR 2 billion. In line with our international expansion strategy, Doha Bank inaugurated its 12th representative office in South Africa, completed the amalgamation formalities of the India operations of HSBC Bank Oman S.A.O.G and inaugurated its India operations in April 2015.”

Dr. R. Seetharaman, further added “Doha Bank continues to be a leader in banking innovation in the country and a partner of choice among global and regional payment players. To this effect, Doha Bank was the first bank in Qatar to launch Apple iWatch Banking solution, ‘Tablet Banking’ and issue UnionPay cards in the country. Doha Bank also took necessary steps to support and implement Wage Protection System successfully. Through the annual ‘Summer Campaign’, credit card customers received up to 10% cash back on certain credit card spend and up to 5% on all international spend. During the year, Doha Bank’s customers, including its flagship Al Dana Savings account holders, were rewarded under various promotion / schemes including ‘win your loan back’ promotion. Doha Bank re-launched its next-generation e-commerce hub, Doha Sooq www.dohasooq.com, web based cash management services ‘Tadbeer’ and launched ‘Al Asriya’ – an exclusive ladies banking package. Consolidating its position in the Corporate Banking market, Doha Bank participated in a prestigious project, by signing a project finance deal and partnered with a well-renowned group from India to provide synergy in product development and congruence in mutual infrastructure support.”

Doha Bank hosted several knowledge sharing sessions on various topics – ‘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. This was preceded by – ‘Business at Breakfast’ for SME customers. Furthermore, during the year, Doha Bank joined Qatar Development Bank’s (QDB) new ‘Al Dhameen Portfolio Risk’ product offering. The Bank also hosted an SME customer meet related to the projects financed under Al Dhameen Guarantee program of QDB. The bank also conducted a business forum in collaboration with Singapore Business Federation to promote inter-country trade and investment relations.

Doha Bank continues to be committed to promoting the local pool of qualified talent through training programs held for its Qatari employees as well as participation in various career fairs during the year. 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. In addition, Doha Bank received several awards during the year– ‘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.

As part of its Corporate Social Responsibility (CSR) activities, Doha Bank organized various events including 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. The 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.

To view the graphic charts click here