Doha bank posts over 14% H1 growth

The net profit of Doha Bank for the period ending June 30 was up to QR 702.3 Million compared to QR 614.7 Million for the same period in 2010, the bank's chairman announced here. This represents a growth of 14.3% and the bank''s Earning per Share (EPS) amounted to QR 3.40 as of June 30 compared to QR 3.24 for the corresponding period in 2010. Doha Bank Chairman of the Board of Directors Sheikh Fahad bin Mohammad bin Jabor Al Than said, "This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle." Doha Bank increased net interest income by 29.2% to QAR 782 Million. Total assets increased by more than QAR 4.6 Billion, a growth of more than 10.3%, from QAR 44.9 Billion at June 30 last year to QAR 49.5 Billion at June 30 in 2011. Net Loans and Advances increased to QAR 27.7 Billion from QAR 26.6 Billion for the same period last year, registering a growth of 4.3%. Deposits showed a year on year increase of 7.2% from 27.2 billion to QAR 29.2 billion as at 30 June 2011 which is evidence of the strong liquidity position of the Bank. Doha Bank Managing Director Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani said, "Through the strategic utilisation of the shareholder's funds in order to maximize our performance levels, the return on average equity is 24% as of June 30, 2011 which is one of the highest in the GCC. "The Bank, given the scale of operations, has achieved a very high return on the average assets of 2.9% as at 30 June 2011 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies." The banks fully applied the new regulations on loans against salaries granted to individuals according to the new revised regulations issued by Qatar Central Bank (QCB). Doha Bank Group Chief Executive officer R. Seetharaman said, "Doha Bank has acclaimed the prudent decisions of QCB and viewed the new regulations as constructive since they directly benefit our customers. We are convinced that the new ceiling on personal loans will not curtail consumer lending." Commenting on the achievements of Doha Bank in last quarter, Seetharaman said, "The Islamic Banking window of Doha Bank, Doha Islamic along with its branches and operations unit has been certified with the ISO 9001:2008 Certification for its Quality Management System. We are the first bank in Qatar to obtain this certification for its Islamic Banking division. We have also won this year's ''Golden Peacock Global Award for Corporate Social Responsibility''.