Doha Bank earnings rise 5 percent in Q3

Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the board of directors of Doha Bank, has announced bank’s financial results for Q3, 2012. Net profit for the period recorded an impressive QAR 1,061 million, which represented a growth of 5 per cent compared to QAR 1,011 million for the same period in 2011. Sheikh Fahad said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.” The bank increased net operating income by 3 per cent to QAR 1.8 billion. Total assets increased by more than QAR 2.8 billion, a growth of more than 5.6 per cent, from QAR 50 billion as at 30 September 2011 to QAR 52.8 billion as at 30 September 2012. Net loans & advances increased to QAR 31.4 billion from QAR 28.4 billion for the same period last year, registering a growth of 10.6 per cent. Deposits showed a year on year increase of 2.8 per cent from 30.2 billion to QAR 31.1 billion as at 30 September 2012 which is evidence of the strong liquidity position of the bank. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said: “Through the strategic utilization of shareholder’s funds in order to maximize our performance levels, the return on average equity is 21.2 per cent as at 30 September 2012 which is the highest in the Qatar. The Bank, given the scale of operations, has achieved a very high return on average assets of 2.69 per cent as at 30 September 2012 which is a clear demonstration of optimum asset allocation strategies”. Talking on the key achievements in the third quarter of 2012, Dr. R Seetharaman, Group Chief Executive officer, highlighted the unique innovations and initiatives from Doha Bank. Dr. R. Seetharaman said, “The board of directors has resolved in its meeting held in September to submit a recommendation to the Extraordinary General Assembly to increase the capital of the bank during the 1st quarter of 2013 by 50 per cent to meet the bank’s strategic business development requirements. The instruments, issue’s value and premium, date of issue, and any other related details would be disclosed in accordance with the enforced laws after completion of necessary studies and obtaining the approval of the competent authorities.” On the retail front, Dr. R.Seetharaman, said, “Doha bank strengthened its Gold Bullion offerings by launching ‘Go for Gold Campaign’.  You can buy the purest gold bars, in flexible denominations of 5 grams up to 1 kilogramme at the most competitive price.  In addition to this, Doha Bank for the first time in Qatar introduced ‘Loan against Pre-Owned Gold’. From gulftoday