Posted on April 22, 2018

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 first quarter of 2018. Net profit for the first quarter of 2018 recorded an impressive QAR 381 million as compared to QAR 364 million for the same period in 2017 showing an increase of 4.7%.

H.E. Sheikh Fahad said “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”

The Bank increased net interest income by 7.5% to QAR 560 million. Total assets increased by QAR 2.9 billion, a growth of 3.2%, from QAR 90.7 billion as at 31 March 2017 to QAR 93.6 billion as at 31 March 2018. Net loans and advances increased to QAR 59.9 billion as at 31 March 2018 from QAR 59.5 billion for the same period last year, registering a growth of 0.7%. Customer deposits showed a year on year increase of 9.9% from QAR 54.0 billion to QAR 59.3 billion as at 31 March 2018 which is evidence of the strong liquidity position of the Bank.

Doha Bank achieves 4.7 1 [].jpgH.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The Bank has become extremely strong over the years with total equity, as at 31 March 2018, at QAR 12.4 billion. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average shareholders’ equity is 16.3% as at 31 March 2018 one of the best in the industry. The Bank, given the scale of operations, has achieved a very high return on the average assets of 1.63% as at 31 March 2018 which is a clear demonstration of the effective utilization of shareholder’s funds and optimum asset allocation strategies”.

In light of the bank’s strong performance, Doha Bank approved and distributed 30% cash dividend to the shareholders for the year 2017. During the quarter, the AGM agreed to issue debt notes “bonds” through the EMTN programme and reduce the minimum amount per issuance under the commercial papers programme from US$ 50 Mn to US$ 1Mn. Dr. R. Seetharaman (pictured), Chief Executive Officer of Doha Bank, said “Despite the challenging market conditions, Doha Bank’s strong performance throws light on its superior products and services, ongoing customer demand, capitalizing on market synergies.”

Doha Bank continued its growth through key innovations, achievements and initiatives. In the first quarter of 2018, Doha Bank built on its reputation for offering high rates of return with the launch of a new premium fixed deposit scheme – Al Jana Series 7. In addition, the bank launched the 15th edition of its flagship program, the 2018 Al Dana Scheme – a unique savings platform with exciting prizes for customers across all segments. Before that, Doha Bank crowned the 10th and the final Millionaire of Al Dana Savings Scheme’s 14th Edition. Furthermore, the bank unveiled the latest release of the new co-branded mobile application ‘Doha Bank My Book Qatar’, which is an ever-growing source of deals and voucher schemes. Doha Bank also partnered with Visa Inc. to offer its customers a chance to win a trip to the 2018 FIFA World Cup in Russia based on card spend.

Doha Bank established the first Exchange Traded Fund (ETF) in Qatar, which listed on the Qatar Stock Exchange. “As a leading financial institution in the region, Doha Bank looks to set the industry standard and continually explores new financial instruments that drive maximum value for investors not only locally but globally,” said Dr. R. Seetharaman. He further added “we believe the QETF holds immense promise and opens a gateway to the Qatari market for global investors. We expect this to be the first of many future products focused on Qatar.”

In line with its international expansion strategy, Doha bank launched its third branch in India, in Chennai, after its successful establishment of branches in Mumbai and Kochi. Further the Bank established a representative office in Sri Lanka. Doha Bank also held many knowledge sharing sessions for its customers in Qatar, Kuwait and India. These events, not only help in creating awareness on the changing market dynamics, but also promote the bilateral relationship and synergies between GCC, India and various countries where Doha Bank has a presence.

Doha Bank achieves 4.7 2 [].jpgDoha Bank was awarded the ‘Best Local Bank in Qatar’ at the EMEA Finance Middle East Banking Awards 2017. Dr. R. Seetharaman lauded the efforts of the team and said, “Doha Bank has been at the forefront of developing leading banking solutions for our valued customers in Qatar. Our responsibility is to understand customer needs in the light of fourth industrial revolution.”

Continuing with its employee engagement activities, Doha Bank honored 83 long service employees for their commitment and loyalty. The Bank also appreciates outstanding performances of their employees by celebrating the monthly Employee awards. Doha Bank employees took part in the walkathon organized by Qatar Central Bank (QCB) to mark the National Sports day. The Bank also hosted Cancer Awareness Session for its Employees.

As part of its commitment to society, environment and raising awareness of sustainable development issues, Doha Bank was involved in various activities during the year. Doha Bank organized its annual ECO-Schools Programme, which aims to encourage schools to reduce their carbon footprint and empower students to make a difference to the society and the environment. In its continued support of Earth Hour, Doha Bank participated by switching off the lights in its corporate headquarters and various branches across Qatar. In support of the development of Qatar’s education sector, Doha Bank participated in the second annual Education Festival hosted by Al Faisal Without Borders Foundation (ALF), a local NGO.

Doha Bank also sponsored Al Ruwad Business Case Competition for the 4th year.Reinforcing its commitment to Sustainability, Doha Bank became the first Qatari bank to sign up to UN Global Compact, UNGC, a UN policy initiative encouraging businesses worldwide to adopt sustainable and socially responsible policies. Playing an active role in supporting green and social responsibility initiatives locally and globally, Doha Bank sponsored the sixth edition of Qatar International Agricultural Exhibition.As part of its corporate social responsibility initiatives Doha Bank provided financial support for the various activities of the Traffic Week 2018, organized by the Traffic Department, Ministry of Interior. In its commitment to humanitarian and charity efforts, Doha Bank donated cash aid to Qatar Red Crescent Society (QRCS).