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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 third quarter of 2010. Doha Bank has posted a significant increase of 37% in its quarterly net profit for the 3 months ending 30 September 2010 versus the corresponding period last year.Net profit for the nine months ended September 30, 2010 is QR 895.3 Million in comparison to 850.8 Million of the same period of 2009 i.e. growth 5.2%. For the nine months ended 30 September 2010 net interest income rose by 22.5% to QAR 973 million. Net fee and commission income also showed an impressive increase of 12.8% rising to QAR 307 million. Net loans & advances increased to QAR 26.63 billion at 30 September 2010 from QAR 24.99 billion last year which represented an increase of 6.6%. Deposits of QAR 28.27 billion as at 30 September 2010 showing a growth of 6.8% compared to QAR 26.48 billion last year 30 September 2009.
His Excellency also announced that the Board of Directors decided during the same meeting which was held on Tuesday 19 Oct, 2010 to call the Shareholders Ordinary Assembly within two months from this date to look into the issuance of Senior debt Bonds for USD 500 million after getting the necessary approvals from the concerned authorities.
His Excellency Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “These results not only demonstrate the strength of the Banks underlying operations but also the efficient deployment of shareholder’s funds which have generated a return on average equity of 22.38% which continues to be amongst the highest within the GCC. The Bank also managed to achieve a very high return on average assets of 2.63% which is a clear demonstration of optimum asset allocation strategies”. Further, H.E. Sheikh Abdul Rehman said “The Bank’s core revenue streams have shown remarkable growth reflecting on the Bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance. This is evidenced by an impressive 31% growth in net profit less net income from financial investments for the 9 month period 30 September 2010 as compared to the corresponding period last year.”
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Mr. R. Seetharaman, Doha Bank’s Group CEO added “The third quarter was a period of significant achievement for Doha Bank. Not only did the bank post an impressive set of financial results but the bank also won this year’s prestigious Golden Peacock Global Award for Sustainability. The award was presented by Mr. Ola Ullsten, Former Prime Minister of Sweden at the 5th Global Conference on Social Responsibility attended by distinguished business leaders from various industries in Lisbon, Portugal on September, 24, 2010. This award was recognition of Doha Bank’s initiatives taken in the area of corporate responsibility like Green banking, Educational & Health benefits and involvement in Social causes”.
Mr. Seetharaman also added, “Doha Bank has also been re-affirmed a rating of ‘A’ by Fitch with a stable outlook. The Fitch Ratings agency continues to recognize the strong performance of Doha Bank and the rating remains unchanged at a time of volatility in International markets. Doha Bank continues to expand its range of services and to continue to grow and evolve as a one–stop shop for top quality financial services”. He also added, “Doha Bank’s wholly owned subsidiary, Doha Bank Assurance Company LLC, has been awarded Counterparty Credit & Insurer Financial Strength rating of BBB/Stable by Standard & Poor’s which commented on its strong capitalisation and liquidity underlined by a strong level of risk-based capital adequacy and appropriate reinsurance cover.
The third quarter was also focused on providing world class customer solutions. Mr. Seetharaman continued, “Doha Bank, reiterating its commitment to bring the best products to the market has launched “Sayadaty” which is a Critical Illness Insurance Product for women and “Manzilouka”, a unique Home Contents Insurance Product in collaboration with Oman Insurance Company. Sayadaty, the first insurance product in Qatar developed specifically for Women, provides insurance cover against various female specific illnesses ranging from Breast Cancer to Cervical Cancer. Manzilouka on the other hand provides insurance coverage for home contents ranging from Electronic Appliances to Jewellery. In addition, the 25 per cent cash back scheme which ended on 31st August, 2010 has been an outstanding success. This campaign exceeded all its expectations backed by a high demand for new Dream cards. The offers promoted by Doha Bank such as the Salary Transfer Campaign continue to best serve the customer.”
Mr. Seetharaman added, “We also launched TADBEER with unique, innovative and customized online Cash Management Solutions that meet exacting standards for better performance in collections, payments and liquidity management globally and locally. TADBEER gives organizations the ability to control and centralize their receivables and payables on one electronic banking system, ensuring effective control and management of finances.”
On the Global front, he added, “Doha Bank continues its success story with the celebration of the 3rd Anniversary of its Representative Office in Shanghai, China, on 6th August”.
Also during the quarter and in keeping with the spirit of the Holy month of Ramadan Doha Bank donated QAR 300,000 through respected charities such as Qatar Charity, Eid Charity and Qatar Red Crescent Society to ensure relief for flood ravaged Pakistan.
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