Doha Bank posts QR 748m net profit in 2013 H1

Doha Bank posted a net profit QR748 Million in the first half of 2013 an increase by 1.1% over the QR740 Million reported in the same period in 2012. The bank’s net operating income rose by 4% to QR1.273 Billion. Total assets increased by over QR6.9 Billion, a growth of more than 13%, from QR52.3 Billion as at June 30, 2012 to QR59.2 Billion as at June 30, 2013. Net loans and advances were up to QR36.2 Billion from QR30 Billion for the same period last year, a growth of 20.3%. Deposits showed a year-on-year increase of 12.3% from QR30.3 Billion to QR34 Billion as at June 30, 2013, “which is evidence of the strong liquidity position of the Bank,” Doha Bank said in a statement. Announcing the results, Board of Directors Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani said, “This is another outstanding result and is clear demonstration that Doha Bank continues to perform through any business cycle.” Doha Bank Managing Director Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani said, “Through the strategic utilisation of the shareholder’s funds in order to maximise our performance levels, the return on average equity is 19.6% as at 30 June 2013 which is one of the highest in the Qatar. “The bank, given the scale of operations, has achieved a very high return on the average assets of 2.62% as at June 30, 2013, which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies.” Doha Bank CEO Dr R Seetharaman highlighted the key innovations, achievements and initiatives by Doha Bank in the second quarter of 2013.