Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of Board of Directors of Doha Bank, announced Doha Bank’s financial results for the third quarter of the year 2008.Net profit for the third quarter 2008 rose to QR 833.83 million, compared to QR 677.51 million for the same period in 2007, registering an increase of more than 23%. Earnings per share increased to QR 5.03 when compared to QR 4.31 in the corresponding
period of previous year, maintaining a growth percentage of 17%. Net interest income rose by 45% to QR 697.60 million. Commission income rose by 11% to QR 257.70 million. The net operating income rose to QR 1,322.60 million, compared to QR 1,019.04 million for the same period in 2007, registering an increase of 30%. The deposits have grown by 29% to QR 23.76 billion as at 30 September 2008 from QR 18.45 billion as at 30 September 2007. Net loans & Advances as at 30 September 2008 increasing by QR 5.55 billion from QR 18.04 billion as at 30 September 2007 to QR 23.59 billion as at 30 September 2008, registering a growth of 31%. Total assets increased to QR 37.51 billion as at 30 September 2008 registering a growth of more than 31%, from QR 28.63 billion as at 30 September 2007.
Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, M.D of Doha Bank said: “The Bank has become extremely strong over the years with shareholders’ funds, as at the 30 September 2008, at QR 4.8 billion, registering an increase of 43% during the last twelve months. The paid-up share capital of our bank has organically increased over the years and, as at 30 September 2008 it is QR 1.72 billion, after the equity injunction by way of 15% rights issue in the second quarter 2008. Our bank’s 15% rights issue had been oversubscribed by more than five times reflecting the strong confidence we enjoy from our shareholders and this region. The strong shareholder’s funds along with the strategic utilisation of the rights issue proceeds as well as the increasing performance levels have resulted in return on average equity at 27.48%, as at 30 September 2008 the best in the industry. The Bank, given the scale of operations, has achieved a very high return on the average assets of 3.29% which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”. Further, H.E. Sheikh Abdul Rehman said “The Bank’s core revenue streams, like interest income, foreign exchange earnings etc., have shown remarkable growth reflecting on the Bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance”.
On the business diversification strategies adopted by the Bank, Sheikh Fahad said “Our bank has further strengthened its footprints in Europe and South East Asia by opening up representative offices in London, U.K and Seoul, South Korea. The opening of these representative offices at United Kingdom and South Korea marks Doha Bank’s operations in eleven countries across the globe. Doha Bank’s strategic business model initiatives including its globalization vision was towards opening up commercial gateways for banking, finance, investments and trade among the trade blocs. In addition, we offer most comprehensive set of products and services catering to financial needs of each sector of the business community.”
Talking on the accolades conferred on Doha Bank, R. Seetharaman, Chief Executive Officer said “Doha Bank continued with its awards and accolades during the third quarter of 2008 too with the “Brand Leadership Award. This prestigious award conferred on us is in recognition of our effective branding building journey over the last 6 years. Further, we have done and are doing extremely well on all fronts. This has undoubtedly been possible only due to the collective effort of the staff and the visionary leadership of our Board.”
Seetharaman attributed the forward looking vision of board, high level of commitment of management and staff, customer care, best suite of products and services, and ongoing product and service improvement as the main reasons for Doha Bank reaching this coveted position. He said: “Doha Bank has been applauded by various highly respected financial sector specialists for its pioneering and leadership role in taking Financial Services experience in Qatar and Middle East to new heights. He concluded saying, “We are committed to sustain the growth, profitability and stakeholder and customer expectations, and maintain our hall mark in terms of performance, innovation, security and quality.”
