Doha Bank Q S C : achieves 5% Profit Growth

His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced Doha Bank's financial results for Q3 2014. Net profit for Q3 2014 recorded an impressive QAR 1,135 million which represents a growth of more than 5% as compared to QAR 1,077 million for the same period in 2013. H.E. Sheikh Fahad said "This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently."

The Bank increased its net operating income by 14% to reach QAR 2.2 billion. Fees and commission income for Q3 2014 showed animpressive growth of 27% reaching QAR 363 million as compared to QAR 286 million for the same period in 2013. Total assets increased by QAR 7.3 billion, a growth of 12%, from QAR 63.0 billion as at 30 September 2013 to QAR 70.3 billion as at 30 September 2014. Net Loans & Advances increased to QAR 44.6 billion from QAR 38.9 billion for the same period last year, registering a growth of 15%. Deposits showed a year on year increase of 10% from 40.1 billion to QAR 44.0 billion as at 30 September 2014 which is evidence of the strong liquidity position of the Bank.

H.E. 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 Q3 2014, at QAR 11.3 billion, registering an increase of 25% during the last twelve months. Through the efficient asset allocation model the return on average equity is 16.3% as at Q3 2014 one of the best in the industry. The Bank has achieved a very high return on average assets of 2.2% as at Q3 2014 which is a clear demonstration of the effective utilization of shareholder's funds. Further, H.E. Sheikh Abdul Rehman said "The Bank's core revenue streams have shown strong growth over the prior year period reflecting on the Bank's intrinsic strength towards recurring earning capacity and also on the Bank's productive operational performance."

During the period, the Board of Directors of Doha Bank unanimously approved the Scheme of Amalgamation to enable Doha Bank Q.S.C., India to take over and to combine the banking business of HSBC Bank Oman S.A.O.G., India with Doha Bank, Q.S.C India operation as a going concern in line with the Bank's International expansion strategy. Accordingly, the Board of Directors in the Board Meeting held on 28th September 2014also resolved to call the Extra Ordinary General Assembly of the Shareholders of Doha Bank for a meeting to consider and approve the amalgamation scheme as well as authorize issuance of Debt or any other suitable instrument using Doha Bank EMTN Programme.

On Doha Bank inaugurating its first electronic branch in Dubai, Dr. R. Seetharaman, said "The new electronic branch is testimony to our positive and aggressive ambition to expand foot-print by increasing ATM and Electronic Banking Network". In order to create awareness on the availability of convenient utility bill payment facility, Doha Bank's Vodafone Qatar Bill Payment promotion gifted select customers with electronic tablets for making Vodafone bill payment through Doha Bank's Internet Banking and ATMs. During Q3 2014, Doha Bank entered into a partnership agreement with Enterprise Qatar, a SME Development company, in order to further support entrepreneurs and SMEs.

Doha Bank's annual summer credit card campaign period spanning over 3 months, concluded in August. The campaign provided eligible cardholders with 5% cash back on all international spend as well as 2% cash back on all local spends. In its 11th year, Doha Bank's Al Dana Savings Program is still one of the best rewarding savings program in Qatar and the Bank has distributed gifts to select customers in its 6 draws conducted until Q3 2014 with 2 customers receiving QAR 1 Million each. Doha Bank had also extended the personal loan offer for another 3 months to give its customers more opportunities to consolidate their liabilities under one single personal loan and opt to waive installments for up to 3 months.

During Q3 2014, Doha Bank hosted 'Industry & Trade Conference' in Dubai and Abu Dhabi which was attended by top experts from the region across the banking, trade, manufacturing, logistics, and legal sectors. In its quest towards knowledge sharing, Doha Bank hosted various knowledge sharing sessions including 'New World order and opportunities' in Singapore, 'Empowering SMEs' in Qatar, 'Projects and Contracts Opportunities and Challenges' in Qatar & Kuwait, 'The Doha Round and Regional trade agreements', 'Sustainable development in the Global Arena' in Qatar as well as 'Opportunities in Qatar and GCC' in India. Doha Bank and Embassy of India co-hosted a business meeting on 'Vibrant Gujarat 2015 Middle East Delegation'

Highlighting the Bank's progressive outlook and commitment to being a one-stop-shop financial services provider, Doha Bank was adjudged the 'The Best Commercial Bank in the Middle East 2014' by Global Banking and Finance, "The Bizz 2014 - Beyond Success" award by the World Confederation of Business and "Retail Bank of the Year" at Enterprise Agility awards in addition to other accolades such as 'Best Regional Commercial Bank' at The Banker Middle East Industry Awards, 'Best Retail Bank in Qatar' by The Asian Banker in Sydney, 'Best Domestic Retail Bank in Qatar" as well as 'Best Domestic Trade Finance Bank in Qatar' by The Asian Banking and Finance.

Doha Bank continued its various CSR initiatives such as providing support to humanitarian efforts in Gaza by donating QAR 2 million through QCB as well as QAR 100,000 to Qatar Red Cresent. These efforts were preceded by Doha Bank signing a partnership agreement with Qatar Charity in support of its 'Ademha' Program, supporting Qatar Paralympic Committee (QPC), as well as its ongoing ECO-Schools Program recognizing six schools in Qatar. Doha Bank also received the 'Golden Peacock Global Award 2013 for Corporate Social Responsibility' as well as 'Environmental Award' from The Arab Organization for Social Responsibility.