14 July 2015
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 half of 2015. Net profit for the first half of 2015 recorded an impressive QAR 801 million as compared to QAR 787 million for the same period in 2014 showing an increase of ALMOST 2%. H.E. Sheikh Fahad said "This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently."
Total assets increased by QAR 10.7billion, a growth of 14.9%, from QAR 72.0 billion as at 30 June 2014 to QAR 82.7 billion as at 30 June 2015. Net loans and advances increased to QAR 53.1 billion as at 30 June 2015 from QAR 45.3 billion for the same period last year, registering a growth of more than 17.0%. Customer deposits showed a year on year increase of 16.4% from QAR 44.5 billion to QAR 51.7 billion as at 30 June 2015 which is evidence of the strong liquidity position of the Bank.
H.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 30 June 2015, at QAR 13.1 billion, registering an increase of 19.5% during the last twelve months. Through the strategic utilisation of the shareholder's funds by way of increasing our performance levels the return on average shareholders' equity is 18.4% as at 30 June 2015 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 2.03% as at 30 June 2015 which is a clear demonstration of the effective utilization of shareholder's funds and optimum asset allocation strategies".
Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, said "Doha Bank's strong results highlights the strength of its products and services, ongoing customer demand, strategy to capitalize on market synergies in a challenging and competitive environment. As yet another milestone, Doha Bank completed the amalgamation formalities of India operations of HSBC Bank Oman S.A.O.G and formally inaugurated its India operations in April 2015. The inauguration event was attended by Government officials, dignitaries, corporates, and renowned businessmen. During the second quarter, Doha Bank also inaugurated its 12th representative office in South Africa in June 2015."
In line with the approvals received, Doha bank completed issuance of Tier 1 capital instrument amounting to QAR 2 billion. Doha Bank had also distributed 40% of the paid up capital as cash dividend to the shareholders during the year.
Summarizing the key innovations, achievements and initiatives by Doha Bank in 2015, Dr. R. Seetharaman said "Demonstrating leadership in progressing digital payments in the country, Doha Bank announced the re-launch of its next-generation e-commerce hub, Doha Sooq (www.dohasooq.com) with contemporary looks, exhaustive product suite and a number of the latest e-commerce features. Furthermore, Doha Bank launched its summer promotion offers spanning from June until August 2015, offering up to 10% cash back on certain credit card spend and up to 5% on all international spend. Earlier during the year, Doha Bank launched various initiatives and products such as 'Tablet Banking' - to open an account and receive the debit card instantly, 'Al Asriya' - an exclusive ladies banking package. Consolidating its position in the corporate banking market, Doha Bank saw rising popularity of 'Tadbeer' - the bank's innovative cash management system that has been transforming the way businesses in Qatar control and manage their finances. As part of its flagship 'Al Dana Savings Scheme', Doha Bank recently announced the third and fourth winners of the monthly draw for its Al Dana Savings Scheme."
In pursuit of excellence in customer service, Doha Bank initiated - 'Business at Breakfast', aimed at proactively addressing the needs of small and medium enterprises in Qatar in this breakfast meeting. Doha Bank joined Qatar Development Bank's (QDB) new 'Al Dhameen portfolio risk' product offering, sponsored by QDB. Previously, Doha Bank also hosted a SME customer meet related to the projects financed under Al Dhameen Guarantee program of QDB. Doha Bank hosted knowledge sharing sessions on various topics encompassing 'Opportunities in Qatar', 'Synergetic opportunities between emerging Asia and the GCC', 'Japan electronics technology forum for sustainable development', in Japan, Kuwait and Qatar. The bank also conducted a business forum in collaboration with Singapore Business Federation to promote inter-country trade and investment relations.
Promoting the local pool of qualified talent, Doha Bank held a training program for its Qatari national employees as well as participated in various career fairs. In order to promote staff team spirit, Doha Bank organized a staff cricket tournament and annual Quiz Competition. For the third year in a row, Doha Bank was accorded the 'Best Regional Commercial Bank' at The Banker Middle East Industry Awards in recognition of its financial excellence in the Middle East. Doha Bank had also received awards such
as - 'Best SME Customer Service Award', 'Best SME Card', 'Best Trade Finance Offering', 'Best Corporate Account' and 'Best Home Finance Account'. Doha Bank's long term credit rating was upgraded to A+ from A by Fitch Ratings during the year.
Underlining its Corporate Social Responsibility (CSR) leadership, Doha Bank organized a tree planting event in the northeast area of its Dukhan branch under the theme 'Plan and Plant for the Future'. Through its 'ECO Schools' Programme, Doha Bank is committed to raising awareness of sustainable development issues among students. Doha Bank hosted a blood donation drive in partnership with Hamad Medical Corporation's Blood Donor Unit, creating wider awareness of the need for regular blood donations. Doha Bank offered financial support to the Qatar Society for Rehabilitation of Special Needs as well as to Traffic Department - Ministry of Interior. In recognition of the strong CSR commitment, Doha Bank received the 'Environmental Award' for the second successive year from the Arab Organization for Social Responsibility and 'Golden Peacock Global Award for Corporate Social Responsibility' from the Institute of Directors.
About Doha Bank
Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.
As one of Qatar's leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Doha Bank provides individuals and commercial, corporate and institutional clients across Qatar and even internationally, new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through an extensive network, and multiple access channels.
The Dubai branch of Doha Bank was opened in 2008.
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Ms. Tasneem Raza
© Press Release 2015