Doha Bank Achieves Sustainable Profit Growth

Doha, January 24 (QNA) - Doha Bank said that net profit for the year 2015 recorded an impressive QAR 1,374 million which represents a growth of more than 1.1% as compared to QAR 1,359 million for the year 2014. HE Chairman of the Board of Directors of Doha Bank Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani announced Doha Bank's financial results for the year 2015. In a Doha Bank's press release, HE Sheikh Fahad said "This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently." The Bank increased its Total assets by QAR 7.8 billion, a growth of 10.3%, from QAR 75.5 billion as at 31 December 2014 to QAR 83.3 billion as at 31 December 2015. Net Loans & Advances increased to QAR 55.6 billion in 2015 from QAR 48.6 billion in 2014, registering a growth of 14.5%. Deposits showed a year on year increase of 14.8% from QAR 45.9 billion in 2014 to QAR 52.8 billion as at 31 December 2015 which is evidence of the strong liquidity position of the Bank. HE Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said "The Bank continues to perform well with total equity, as at December 2015, at QAR 13.3 billion, increase of 17.4% during the last year. Through the efficient asset allocation model the return on average Shareholders' equity is 16.1% as at December 2015 one of the best in the industry. The Bank has achieved a very high return on average assets of 1.73% as at December 2015, which is a clear demonstration of the effective utilization of shareholders' funds. Further, HE Sheikh Abdul Rehman said "The Bank's core revenue streams have shown strong growth over the prior year period reflecting on the Banks intrinsic strength towards recurring earning capacity and also on the Banks productive operational performance." Doha Bank's solid result in this challenging market scenario, portray its commitment to maximize shareholder value. This was possible largely due to the bank's strategy to adapt to changing market and economic dynamics through innovation, diversification and capitalizing on market synergies. Dr R. Seetharaman, Chief Executive Officer of Doha Bank, highlighting the key innovations, achievements and initiatives by Doha Bank in 2015, said "Despite the difficult market conditions, Doha Bank recently managed to secure a USD 575 million syndicated unsecured loan at an attractive pricing and was oversubscribed by USD 75 million. Furthermore, Doha Bank completed its issuance of an additional Tier 1 capital instrument amounting to QAR 2 billion. In line with our international expansion strategy, Doha Bank inaugurated its 12th representative office in South Africa, completed the amalgamation formalities of the India operations of HSBC Bank Oman S.A.O.G and inaugurated its India operations in April 2015." ( (QNA)