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 2012. Net profit for the first half of 2012 recorded an impressive QAR 740 million which represented a growth of 5.4 per cent as compared to QAR 702 million for the same period in 2011.
Sheikh Fahad said: “This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle.” Doha Bank increased net operating income by 3.5per cent to QAR 1,222 million. Total assets increased by more than QAR 2.3 billion, a growth of more than 4.7per cent, from QAR 49.5 billion as at 30 June 2011 to QAR 51.9 billion as at 30 June 2012. Net Loans & Advances increased to QAR 29.7 billion from QAR 27.7 billion for the same period last year, registering a growth of 7.0per cent.
Deposits showed a year on year increase of 3.9per cent from 29.2 billion to QAR 30.3 billion as at 30 June 2012 which is evidence of the strong liquidity position of Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said: “Through the strategic utilization of shareholder’s funds in order to maximize our performance levels, the return on average equity is 22.7per cent as at 30 June 2012 which is one of the highest in the Qatar.
The Bank, given the scale of operations, has achieved a very high return on average assets of 2.84per cent as at 30 June 2012 which is a clear demonstration of optimum asset allocation strategies”.
Dr. R Seetharaman, Group Chief Executive Officer, highlighted the key innovations, achievements and initiatives by Doha Bank in the second quarter of 2012.
He said: “This quarter saw Doha Bank unveiling the new branch identity at the Gate Branch, which is designed and developed keeping in mind the customer’s personalized expectations and preferences to sustain their trust and deliver a new format of banking. This also reflected during its opening of the new Museum Branch which is located at Al Mathaf Street.