Doha, Qatar: Chairman of the Board of Directors of Doha Bank Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, has approved the bank’s Interim Condensed Consolidated Financial Statement for the quarter ended 31 March 2024.

He added that the net profit of the Bank for the first quarter 2024 is QR231m as compared to QR208.6m in the year 2023, a year-on-year growth of 10.9 percent.

Sheikh Fahad said that total assets as at March 31, 2024 reached QR102.4bn to grow by QR5.7bn or 5.9 percent as compared to QR96.6bn last year, while net loans and advances reached to QR58.2bn which is higher as compared to last year by 2.7 percent.

The Bank achieved growth in the private sector lending of 5.1 percent as compared to the previous year. Customer deposits grew by QR3.6bn or 7.5 percent to reach QR52.2bn as at 31st March 2024 as compared to QR48.6bn last year. The investment portfolio reached QR30.1bn recording a growth of 20.3 percent, year-on-year.

He also stated that net operating income for the first quarter 2024 stood at QR659.6m, a growth of 4.0 percent year on year.

Sheikh Abdul Rahman Bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said, “The bank continues to maintain stable capital and liquidity positions. The Common Equity Tier 1 (CET1) ratio remains at 13.34 percent and the Total Capital Adequacy Ratio is strong at 19.74 percent”. Sheikh Abul Rahman, further added, “the loan to deposit ratio has greatly improved, reaching 95.4 percent, which is well within the limits of the regulator. The bank has significantly improved its funding profile over the last 6 months, and this will allow the bank to fund future lending growth, which we are anticipating for this year.”

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