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His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of Board of Directors of Doha Bank, announced Doha Bank's financial results for the third quarter of 2009. The operating income for the nine months ended 30 September 2009 has increased by 17% to an impressive QAR 1,545 million compared to QAR 1,324 million for the same period in 2008. Net profit rose by 2% to 851m compared to 834m for the corresponding period. Net interest income rose by 13.9% to QAR 794 million and net Islamic financing income rose by 5.2% to reach QAR 131 million. Total assets increased by QAR 7 billion, a growth of more than 18.5%, from QAR 37.5 billion as at 30 September 2008 to QAR 44.5 billion as at 30 September 2009. Net loans & Advances increased to QAR 25 billion from QAR 23.6 billion for the same period last year, registering a growth of 6%, with Deposits of QAR 26.5 billion as at 30 September 2009 showing a growth of 11.5% compared to QAR 23.8 billion last year 30 September 2008 evidencing the strong liquidity position of the Bank.
His Excellency 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 shareholders’ funds, as at 30 September 2009, at QAR 5.3 billion, registering an increase of 11.3% during the last twelve months. Through the efficient deployment of shareholder’s funds by way of increasing our performance levels the return on average equity is 23.2% as at 30 September 2009 which represents industry best practice. The Bank, given the scale of operations, has achieved a very high return on average assets of 2.72% as at 30 September 2009 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”.
Talking on the key innovation and initiatives by Doha Bank in the third quarter of 2009, Mr. R.Seetharaman, Group Chief Executive Officer said, “continuing our tradition of first to introduce innovative products and services, Doha Bank has launched the Visa Debit Platinum, which becomes the first such card to be issued in Qatar. Doha Bank is Qatar’s largest issuer of Visa debit cards and has won a variety of accolades and awards, the last being ‘The Best Commercial Bank in the Middle East for 2009’. We also launched “Al Dana Young Savers Account” which encourages responsible savings habits at an early age and also qualifies the savers for a special cash draw. SME is another area that is performing well with our innovative “Tatweer” product and highly successful seminar on the topic of “adding value to develop small & medium business in Qtar” which was well received.
“Doha Souq, Qatar’s pioneering online market of Doha Bank, has signed up with more leading merchants like iSpot, Consolidated Gulf Company and Jumbo Electronics. Doha Souq is an e-commerce portal undertaking round-the-clock transactions, where anyone around the world can buy and send gifts to anyone in Qatar. With over 52 merchants showcasing their products and services covering a wide range of items, Doha Souq has revolutionized e-Commerce emergence in Qatar”.
Seetharaman continued, “Doha bank has now expanded its Old Airport e-branch into a fully functional branch. The Bank’s Al Rayyan branch has been moved to a more specious bank building on the same street to provide better customer services. In line with Doha Bank’s priority to expand the convenience of banking, we have opened a new branch that will provide full banking services with ATM network at Abu Hamour on 6th September 2009. With this, the Bank has 30 conventional branches, 5 Islamic branches, 11 electronic branches, 11 pay offices, 2 mobile units, 4 Q post offices and more than 110 ATMs. Further, we have also extended our e-remittance banking services to Nepal Credit and Commerce Bank (NCC Bank) in Nepal, which facilitates remittance through electronic channels for Nepalese in Qatar”.
During the quarter and in addition to the hugely successful Al Dana savings scheme that gives One Million Qatari Riyals every month, Doha Bank also launched “Fly Free” promotion for its Dream Cardholders and “Scholastic saver” for children. The Bank also developed a “Special loan offer for Ramadan” that was designed to cater to the customers’ needs during Ramadan, Eid and holiday season.
Mr. Seetharaman continued “It is also a reflection of the strength of Doha Bank that Fitch Ratings has recently affirmed the banks Long Term Issuer Default Rating at “A” with a Stable Outlook. This shows that the underlying stability and financial strength of the Bank remains as strong as ever”.
Mr. Seetharaman attributed the forward looking vision of board, high level of commitment of management and staff, customer care, market leading products and services and ongoing commitment to customer service improvement as the main reasons for Doha Bank delivering these exceptional results. He said Doha Bank has been applauded by various highly respected financial sector specialists for its pioneering and leadership role in taking the financial services experience in Qatar and the Middle East to new heights. He concluded saying, “We are committed to sustain the growth, profitability and stakeholder expectations, and maintain our hall mark in terms of performance, innovation, security and quality”.
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