His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank
His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, the leading private commercial bank in Qatar, announced that the Board of Directors (BOD) has approved the draft of the Bank’s audited financial statements for the year ended 2013. His Excellency added that the net profit of the Bank for the year 2013 is QR 1,313 million as compared with QR 1,305 million in the year 2012 representing a growth rate of 0.6 per cent.
At the same meeting, the BOD have decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of 45 per cent of the paid-up capital i.e. QR 4.5 per share to the shareholders.
Furthermore, His Excellency said that the Bank has achieved noticeable growth rates in all financial indicators. The total assets increased from QR 55.2 billion in 2012 to QR 67 billion in 2013 i.e. a growth rate of 21.3 per cent. Loans and advances increased from QR 33.8 billion in 2012 to QR 41.1 billion in 2013 i.e., a growth rate of 21.8 per cent. The customer’s deposits grew by 23.6 per cent, where the total deposits increased from QR 34.4 billion in 2012 to QR 42.5 billion in 2013. The total shareholders equity reached to QR 11.3 billion by year end i.e. an increase of 49.3 per cent as compared to last year.
H.E. Sheikh Fahad also declared that the bank has achieved noticeable growth rate in the total operating Income of 5 per cent, where the total operating income rose from QR 2.4 billion in 2012 to QR 2.5 billion in 2013. The earnings per share was QR 5.29. The return on adjusted average shareholders’ equity and the return on average assets were 17.9 per cent and 2.18 per cent respectively.
His Excellency also mentioned that the bank has executed the EGM resolution which was passed by the Shareholders on November 24, 2013 and issued the capital instruments amounting to QR 2 billion qualifying as additional Tier 1 Capital as per the terms and requirements of QCB. He also said that this issue will enhance Doha Banks Tier 1 Capital base, strengthen its Capital Adequacy Ratio and support bank’s prospects for achieving its strategic goals and improve its competitive edge.
H.E. Sheikh Fahad added that the audited financial statements, declared net profit and cash dividends percentage are subject to the approval of both the supervisory authorities and the Shareholders General Assembly, He also said that the Board of Directors and the Executive Management will work together to achieve greater results and achieve the objectives that are outlined in the Bank’s strategy for the coming three years.