The third largest bank in Qatar, Doha Bank, today said it plans to issue senior debt bonds of US$500 million through its fully-owned Bermuda-based subsidiary in the first quarter of 2011.
In a statement, following an Ordinary General Meeting (OGM) held recently, the bank said despite the uncertain economic climate following the global financial crisis, it has been able to make headway in profits and increased returns on assets and equity in the first nine months of 2010.
The OGM was held to discuss the issue of the senior debt bonds, among others. The Bermuda-based Special Purpose Vehicle (SPV), which will issue the senior debt bonds have been incorporated to support the bank's market interventions to raise capital. The bonds and other market instruments will be guaranteed by Doha Bank.
The bank's chairman, Mr. Fahad bin Mohammed bin Jaber Al Thani, said that Doha Bank has been "able to endure and achieve high growth rates in most of the financial indicators."
Shareholders at the OGM were informed that the bank's net profit during the period ending November 30 2010 grew by 5.4 per cent. Return on average assets grew by 2.6 per cent while return on average equity was up by 22.4 per cent during the period.
"As you are all well aware of the fact that the implications of the global financial crisis was considerable and affected various economies of the world including the developed economies such as, Britain, France, Spain and other economic giants who are witnessing unprecedented reforms to emerge from this crisis and restore the situation to normality," he said putting the bank's performance in perspective and highlighting its achievement.
"Under the wise leadership of H. H. The Emir, Sheikh Hamad Bin Khalifa Al-Thani and the strength and durability of Qatar economy, we are looking forward to accomplish additional outlined objectives on the financial, organizational and services levels as per our strategic plans," he said.
He also expressed the bank's gratitude to various government and financial institutions which have encouraged and supported Doha Bank in its progress and strategic plans.