Doha Bank Achieves profit of QAR 737 Million

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 third quarter of 2018. Net profit for the third quarter of 2018 recorded QAR 737 million as against QAR 1,049 million for the same period last year after taking significant loan loss provision in relation to the bank’s overseas branches. The interest income significantly grew by 10.6% as compared to the same period last year to reach QR 2.9 billion. The net operating income stood at QR 2.03 billion. H.E. Sheikh Fahad said “the Bank’s core revenue streams have shown a sustainable earning capacity reflecting on the Bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance.”

Total assets amounted to QAR 90.4 billion as at 30 September 2018. Net loans and advances reached QAR 59.2 billion as at 30 September 2018, registering a growth of 0.3%. Doha Bank has adequate loan loss provision against non-performing loans. The investment portfolio amounted to QR 20 billion, registering an increase of 14%. Customer deposits stood at QR 51.9 billion as at 30 September 2018.

H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The total shareholder’s equity stood at 13 billion as at 30 September 2018, and through the strategic utilization of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 10.3% as at 30 September 2018. The Bank, given the scale of operations, has achieved a return on the average assets of 1.07% as at 30 September 2018”

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By highlighting the bank’s key initiatives and innovations, Dr. Seetharaman said, “Doha Bank looks to set the industry standard and continually explore new financial instruments that drive maximum value”. That in addition to capitalizing on market synergies in a challenging and competitive environment, resilient economy and strong banking fundamentals in Qatar.”

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Doha Bank successfully implemented new accounting standards (IFRS 9) as directed by QCB. In recognition of Doha Bank’s ability to maintain strong fundamentals, Fitch re-affirmed Doha Bank’s rating at ‘A’ and upgraded the outlook to ‘Stable’. During the quarter, Moody’s also upgraded Doha Bank’s outlook to ‘Stable’. Commenting on the ratings, Dr. Seetharaman said, “The ratings recognize Doha Bank’s sustainable business model in the current business environment.”

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