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Mon 21 Apr 2014 12:14 PM

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Doha Bank posts $110m net profit for Q1

The bank is expected to start operations in India by the end of the year

Doha Bank posts $110m net profit for Q1

Doha Bank has reported a one percent year-on-year growth in net profit to QAR399m ($109.6m) in the first quarter of this year, it was reported.

Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor Al Thani said operating income grew nine percent to QAR697m, while total assets grew 22 percent to QAR70.1bn with net loans and advances increasing more than 26 percent to QAR43.5bn, Gulf Times reported.

Customer deposits jumped 31 percent to QAR43.5bn, which is an evidence of the strong liquidity position of the bank, he said.

“This is another outstanding result and is a clear demonstration that Doha Bank continues to perform consistently,” he said.

Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor-Thani said: “The bank has become extremely stronger over the years with total equity reaching QAR10.6bn, registering an increase of 25 percent during the last 12 months.”

He said through the “strategic” utilisation of the shareholders’ funds by way of increasing performance levels, the return on average equity had improved to 17.1 percent as on March 31, 2014 - one of the best in the industry.

Given the scale of operations, the bank has achieved a very high return on average assets of 2.33 percent, he said.

Doha Bank Group CEO R Seetharaman said the bank was highly successful in improvising its performance, innovation and quality as well as exceeding customer expectations.

It has also now been granted a licence to commence banking operations in India from the Reserve Bank of India, with operations expected to start by the end of the year.

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