Doha Bank posts 7.4% jump in Q1 net profit

Qatari lender says net income increased to $107m for first three months of year
Doha Bank posts 7.4% jump in Q1 net profit
(Bloomberg News - for illustrative purposes only)
By Bloomberg
Wed 18 Apr 2012 08:50 PM

Doha Bank, a Qatari lender,
on Wednesday posted a better-than-expected 7.4 percent increase in first-quarter
profit amid increased lending.

Net income
rose to QR390m ($107m) from QR363m a year
earlier, according to an e-mailed statement. Global Investment
House’s estimate was for a profit of QR321m, while Beltone
Financial expected QR352m, according to data compiled by
Bloomberg.

“The bank,
given the scale of operations, has achieved a very high return on
average assets,” Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, managing
director of Doha Bank, said in the statement.

This is “a clear
demonstration of the effective utilisation of shareholders’ funds and
optimum asset-allocation strategies.”

Qatari bank
lending has outpaced deposits amid an upsurge in public-infrastructure
spending on roads, a port, airport, gas and fertilizer projects. Credit
facilities in March rose 32 percent from a year earlier and customer
deposits gained 13 percent, central bank data show.

The emirate, the
biggest exporter of liquefied natural gas, is the world’s richest
country on a per capita basis, according to International Monetary Fund
data.

Doha Bank’s
loans and advances rose 13 percent to QR29.5bn and customer
deposits in the quarter and investment accounts increased 12 percent to
QR31.4bn, the bank said.

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