DOHA: Doha Bank yesterday announced over 15 percent net profit growth in the first quarter (Q1) of 2011 with the industry's best operating ratios.
Disclosing the bank's Q1 results, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Doha Bank Chairman, said the bank recorded an impressive net profit of QR363m for Q1 of 2011 compared to QR315m for the same period in 2010, showing an increase of 15.2 percent.
Net interest income rose 33.4 percent to QR393m. Loans and advances reached QR26.1bn and total assets increased by QR2bn, showing a growth of more than 4.5 percent, from QR44.4bn as at March 31, 2010 to QR46.4bn as at March 31, 2011.
Customer deposits and unrestricted investment depositor accounts rose to QR28bn, up from QR27.2bn for the corresponding period last year, posting a 3.1 percent growth as at March 31, 2011 underscoring the strong liquidity position of the Bank.
Doha Bank Managing Director, Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, said: "The Bank has become extremely strong over the years with shareholders' funds as at March 31, 2011, stood at QR6.2bn, showing an increase of 17 percent during the last twelve months."
"The paid-up share capital of our bank has organically increased over the years and, as at March 31, 2011 stood at QR2.07bn reflecting the strong confidence we enjoy from our shareholders and this region."
Sheikh Abdul Rehman noted that through the strategic utilisation of the shareholders' funds by way of increasing the bank's performance levels, the return on average equity is 25.6 percent as at March 31, 2011 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 3.1 percent as at March 31, 2011 which is a clear demonstration of the effective utilization of shareholders' funds and optimum asset allocation strategies," he said.
Doha Bank Group Chief Executive Officer, R Seetharaman, said: "Continuing with our significant achievements in 2010, the first quarter of 2011 was successful in meeting and exceeding customer expectations, and maintaining our leadership in terms of performance, innovation, security and quality."
Talking about Doha Bank's highest level of service delivery, he said "We have been recertified the coveted ISO20000 certification for its continuous compliance to global standard."
On the launch of Doha Bank's innovative products, R Seetharaman said Doha Bank has entered into a Memorandum of Understanding (MoU) with Qatar Development Bank (QDB) to augment the bank's drive to strengthen the Small & Medium Enterprises (SMEs) sector in Qatar.
"These agreements will further assist us to foster, not only the growth of the sector, but also to creatively expand its impact and galvanize the development of this key segment," he said.
On the International front, he mentioned that Doha Bank has entered into an agreement with National Bank Limited, the largest private sector bank in Bangladesh, for remittance of funds from Qatar to Bangladesh.
Talking about Doha Bank's accustomed specialty award programs, R. Seetharaman said that the bank had launched Al Dana 2011 with prizes unlike any in Qatar. "Al-Dana has taken the year 2022 as its distinctive attribute and pronounced the first 10 winners of a series of 11 draws to be conducted all the way through the year giving away a total of QR 2,224,200 to 110 Doha Bank customers.
© The Peninsula 2011
