DBank's Board of Director Recommends the Distribution of 50% Cash Dividents

H. E. Sheikh, Fahad bin Mohammed bin Jabor Al-Thani, The Chairman of Doha Bank announced that the board of directors in its meeting held on 20/01/2010 has approved the draft audited financial statements for the year 2009. H. E. also announced that the bank’s net profit reached QR 973.6 million by end of year 2009 in comparison to 946.5 million in 2008, with a growth percentage of 2.9 %. He added that at the same meeting, the board of directors has decided to submit recommendation to the General Assembly to approve the distribution of cash dividends on the shareholders of 50% from the paid up capital i.e. QR five for each share. H. E. further added that the audited financial statements, declared net profit, recommended distribution percentage, resolution of capital increase are all subject to the approval of the controlling authorities and the General Assembly of the Shareholders.

His Excellency said that the bank has achieved noticeable growth rates in all financial indicators. The total assets rose from QR 39 billion in 2008 to QR 46 billion in 2009 i.e. growth percentage of 18.1 %. The total loans and advances rose from QR 24 billion in 2008 to QR 26 billion in 2009, i.e. 8.2 %. Customers deposits grew by 20 % , where the total deposits rose from QR 23.2 billion in 2008 to QR 27.9 billion in 2009 and the total equity of shareholders reached by the end of the year QR 5.9 billion i.e. increase of 19.1% from the previous year.

H. E. Sheikh Fahad also declared that the bank has also achieved noticeable growth in operational income of 22 %, where the total operational income rose from QR 1.7 billion in 2008 to QR 2 billion in 2009. The earnings per share was QR 5.38 . The return on average shareholders’ equity and the return on average assets was 21.7% and 2.3 % respectively.

He also announced that Doha Bank actually received from Qatar Investment Authority the underwriting value in the bank’s capital for the second phase which is 5 % from the total shares of the capital i.e. 8,612,408 shares. He noted that these shares will be issued directly after the holding of the meeting of the General Assembly Meeting of the Shareholders which is expected to be held on 24/03/2010

Finally H.E. Sheikh, Fahad bin Mohammed bin Jabor Al-Thani, confirmed that the board of Directors and the Executive Management will work together to do more accomplishments and achieve all the defined goals in the bank’s strategy in the next three years

Fahad bin Mohammed bin Jabor Al-Thani

The Chairman