Doha Bank achieves net profit of $211.26mln in 2023

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Doha, Qatar: Chairman of the Board of Directors of Doha Bank, Sheikh Fahad bin Mohammad bin Jabor Al Thani, announced that the Board of Directors (BOD) in its meeting held yesterday has approved the bank’s draft audited financial statements for the year ended 2023. He added that the net profit of the Bank for the year 2023 is QR769m as compared to QR765m in the year 2022, a year-on-year growth of 0.5%.

Based on these results, the Board of Directors passed a resolution in its meeting held on January 24, 2024, recommending to the General Assembly of the Shareholders to approve the distribution of cash dividends of QR0.075 per share, an equivalent of 7.5% of the paid-up capital.

Sheikh Fahad said that total assets as at December 31, 2023 reached QR101.3bn to grow by QR3.6bn i.e. 3.7% as compared to QR97.6bn last year, while net loans and advances reached to QR58bn which is flattish as compared to last year, however, the Bank achieved a growth in the private sector lending of 5% as compared to the previous year.

Sheikh Abdul Rahman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said, “The bank continues to maintain solid capital and liquidity positions.

Sheikh Fahad added that the Board of Directors and the Executive Management will work together to achieve the objectives that are outlined in the Bank’s strategy for the coming five years.

The Group Chief Executive Officer, Sheikh Abdulrahman bin Fahad bin Faisal Al Thani, added “In challenging market conditions, Doha Bank continues to distinguish itself through its products and services. The bank also maintains a strong emphasis on the transformation and optimisation of its operations both domestically and abroad, in accordance with the bank’s five-year strategy”.

During the year, the bank consolidated the operations of Representative Offices in Sri Lanka, Canada, which were merged with the Bangladesh and London offices, respectively.

Sheikh Abdulrahman bin Fahad further added, “In 2023, the bank was successful in the merging of foreign operations, towards creating further a regional hub structure which will allow the bank to optimise the international network, towards improving further the diversification of the bank’s funding sources.”