Doha Bank waiting for upturn to expand

CEO says Qatari bank planning for an economic upturn after third quarter of this year.
Doha Bank waiting for upturn to expand
By Rachna Uppal
Mon 12 Oct 2009 12:47 PM

Qatar's
Doha Bank

is waiting for an upturn in the economy before expanding, the bank's chief executive officer R. Seetharaman said on Monday.

Speaking to Reuters on the sidelines of an Islamic retail banking event, R. Seetharaman said: "In Qatar there is a focus on infrastructure projects. The banks are looking to expand."

"
Doha Bank

is looking at options but this year is about optimisation and consolidation. We have to plan for an upturn (in the economy) after the first three quarters of this year."

Seetharaman said the outlook for Islamic banks in Qatar is promising, although he declined to comment on his bank's profit outlook. HC Brokerage estimates
Doha Bank

's third-quarter net profit to fall 16.7 percent to QR212m ($58.24m).

Seetharaman told Reuters earlier this year that the lender would hold back on any expansion plans this year and has no plan to raise debt until international borrowing terms become more attractive. (Reuters)

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