Best Commercial Bank in the Middle East 2014 certificate
Doha Bank, the leading private commercial bank in Qatar, has been voted as the ‘Best Commercial Bank in the Middle East 2014’ by the Global Banking and Finance Review Awards.
Dr. R Seetharaman, Group Chief Executive Officer (CEO) of Doha Bank said, "We are honored to receive this recognition. The award highlights the Bank’s progressive outlook, and commitment to being a one-stop-shop financial services provider to its ever expanding global customer base. Doha Bank is a trendsetter in introducing many innovative products and services in Qatar, with its signature sustainable performance. Time and again, Doha Bank has proven to outperform in various geographies, across customer segments and under challenging market conditions. The Banks operating efficiency, asset allocation model, unique international strategy combined with its seamless execution, ensure that the Bank continues to stay a cut above the rest”.
Doha Bank had earlier received the license to commence banking operations in India and has subsequently agreed to purchase HSBC Bank Oman SAOG banking business in India, subject to regulatory approvals. India is a major market with great potential particularly considering the large Indian population in the GCC as well as the significant trade flows between the two regions.
In the first half of 2014, the Bank registered a year on year growth in, ‘Total assets’ by 21.6% and ‘Net loans and advances’ by 25.3 per cent. During the same period, the ‘Customer Deposits’ grew by 30.5 per cent, which evidenced the strong liquidity position of the bank. Doha Bank's return on average equity, which is one of the best in the industry, stood at 16.5 per cent as at the end of the first half of 2014. The Bank also recorded a very high return on average assets of 2.3 per cent, which is a clear demonstration of the effective utilization of shareholders’ funds and optimum asset allocation strategies.
In the last one year, the Bank has achieved significant milestones through capital enhancements, international expansion by introducing innovative products and services. The Bank was highly successful in improvising on its performance, innovation, and quality as well as exceeding customer expectations.
Doha Bank was recently adjudged ‘Best Regional Commercial Bank in Qatar’ by Bankers Middle East, ‘Best Domestic Retail Bank in Qatar’ and ‘Best Domestic Trade Finance in Qatar’ by ABF, ‘Best Retail bank in Qatar- 2014’ by the Asian banker and ‘Bank of the Year 2013 – Qatar’ by The Banker. Doha Bank was also the recipient of the prestigious “Golden Peacock Global Award 2013 for Corporate Social Responsibility” for its commitment for public welfare and social consciousness.