Doha Bank Records 5% Profit Growth in H1 2012

Doha Bank announced Thursday it recorded an impressive net profit for the first half of 2012 amounting to QAR 740 million which represented a growth of 5.4% as compared to QAR 702 million for the same period in 2011.  "This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle." HE Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, said in a press release published on Qatar exchange's web page today.    Doha Bank increased net operating income by 3.5% to QAR 1,222 million. Total assets increased 4.7%, from QAR 49.5 billion as at 30 June 2011 to QAR 51.9 billion as at 30 June 2012.  Net Loans & Advances increased to QAR 29.7 billion from QAR 27.7 billion for the same period last year, registering a growth of 7.0%, the statement added.  Deposits showed a year on year increase of 3.9% from 29.2 billion to QAR 30.3 billion as at 30 June 2012 which is evidence of the strong liquidity position of the Bank.  Meanwhile, Deposits showed a year on year increase of 3.9% from 29.2 billion to QAR 30.3 billion as at 30 June 2012 which is evidence of the strong liquidity position of the Bank.  Meanwhile, HE 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 22.7% as at 30 June 2012 which is one of the highest in Qatar. The Bank, given the scale of operations, has achieved a very high return on average assets of 2.84% as at 30 June 2012 which is a clear demonstration of optimum asset allocation strategies."  Doha Bank was incorporated in 1978 and commenced its domestic and international banking services in Doha, Qatar on March 15, 1979. (QNA)