Fitch Ratings has upgraded the Long-term Issuer Default Ratings (IDR) of Doha Bank (DB) to ‘A+’ from ‘A’. The upgrade of the Bank’s IDRs, follows Fitch’s publication of Qatar’s long-term IDR of ‘AA’ which provides greater clarity over Qatar’s ability to provide support to the banking sector in case of need. Fitch recognizes the country’s support for the domestic banks in case there is any such requirement as the government has stakes in the domestic banks, which was evidenced by the capital injections into the banking sector during the years 2009 to 2011. Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, Chairman of the Board of Doha Bank said “Qatari government support is evident through various measures taken by Qatari authorities during the recent financial crises.

The support strengthened the banking system and provided further resilience to sustain the stress period. He said it was a welcome move especially at a time when capital markets were facing challenges all across the world. The recent oil price decline which led to a slowdown of the economies of various countries across the globe forced some of those countries to make economic reforms to overcome these challenges. With its prudent leadership, Qatar continues to witness sustained development which will reflect positively on the performance of banking system in Qatar. The ratings also manifested Doha bank’s strong fundamentals and its local and international importance.”

“Fitch ratings correctly recognized support of Qatari authorities for banking system in Qatar. He said Qatar has shown buoyancy in the times of crises and this upgrade was testament of its fundamental strength. He said ratings also reflected Doha bank’s ability to maintain strong growth trajectory, total asset growth, loan growth and deposit growth year-on-year. Doha Bank has also achieved one of the best returns on average equity and return on average assets among the banks in the Middle East region over the last decade. The bank has brought many initiatives including various digital advancements to bring best customer experience in banking world. Doha Bank has maintained a consistent track record on its financial performance in the last one decade as part of its sustainable development philosophy and will continue on progressive path in the future.”

A summary of Doha Bank’s ratings by Fitch Rating’s is as below:

• Long Term IDR upgraded to ‘A+’ from ‘A’, Outlook Stable
• Short Term IDR affirmed at ‘F1’
• Viability Rating unaffected at ‘bbb’
• Support Rating affirmed at ‘1’
• Support Rating Floor revised to ‘A+’ from ‘A’