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Doha Bank Group CEO, R Seetharaman, (seated fourth left) is flanked by Executive Manager of Private Banking Abdullah Al Asadi (third left) and Head of Retail Banking Suresh Bajpai, along with other members of the management team during the announcement of the financial results at bank’s headquarters, yesterday.Shaival Dalal
DOHA: Doha Bank’s net profit recorded an impressive 5.1 percent growth for the year 2012. The annual profit of the country’s fourth largest lender reached QR1.305bn in 2012 as compared with QR1.241bn in 2011.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors (BoD) of Doha Bank, announced that the BoD in its meeting yesterday approved the draft of the bank’s audited financial statements for the year ended 2012. The BoD decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of 45 percent of the paid-up capital — QR4.5 per share — to the shareholders.
Sheikh Abdul Rahman Bin Mohammad Bin Jabor Al Thani, Managing Director of the bank, declared that the bank has achieved noticeable growth rate in the total operating income of 3.6 percent, where the total operating income rose from QR2.3bn in 2011 to QR2.4bn in 2012.
The earnings per share was QR6.3. The return on adjusted average shareholders’ equity and the return on average assets were 20.6 percent and 2.42 percent respectively.
The bank recorded remarkable growth rates in all financial indicators. The total assets rose from QR52.7bn in 2011 to QR55.2bn in 2012, up 4.7 percent. Loans and advances rose from QR31bn to QR33.8bn, a growth rate of 8.9 percent. Customers’ deposits grew by 8.5 percent, where the total deposits increased from QR31.7bn in 2011 to QR34.4bn in 2012.
The total shareholders equity reached to QR7.6bn by year end, an increase of 6.6 percent as compared to last year.
Doha Bank’s successful results are largely attributable to its strategy to innovate, diversify and capitalise on market synergies, as it continues to increase shareholder value, noted Dr R Seetharaman, Group Chief Executive officer.
On the liability management front, Dr R Seetharaman said “Doha Bank has successfully completed the senior bond issue of $500m under its Medium Term Note Programme of $2bn.
The issue was oversubscribed nearly eight times which speaks volumes on the faith of global investors in the bank’s strong performance in recent years, its strategy, franchise and leading market position along with the impressive economic growth in Qatar.
Also, the bank introduced the Al Jana series 5 in multiple regional and international currencies. Dr R Seetharaman said Doha Bank has launched an extensive suite of bullion products including the “Gold Investment Loan” product, ‘Go for Gold Campaign’ and ‘Loan against Pre-Owned Gold’.
Doha Bank has also established a strategic alliance with PAMP, a world leading bullion brand. The bank also unveiled the new branch identity at the Gate branch, and inaugurated two more e-branches during the year. Doha Bank Assurance Company LLC, a wholly owned insurance subsidiary of Doha Bank opened its first retail insurance branch at C-Ring Road.
On the international front, Doha Bank upgraded its Abu Dhabi representative office to a full scale branch and also opened a new representative office in Sydney, Australia. Doha Bank has made arrangements for banking and remittance services for expats through arrangements with Commercial Bank in Sri Lanka and Bank of Philippines Island. The Peninsula
