Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank, Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of Doha Bank and Dr R Seetharaman, Chief Excutive Officer of Doha Bank.
Doha Bank, one of the leading conventional lenders in Qatar, reported a net profit of QR830m for the last financial year ended December 31, 2018, down by over 25 percent compared with QR1.11bn achieved for same period in 2017 after taking significant loan loss provision.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BoD) in its meeting held yesterday approved the draft of the Bank’s audited financial statements for the year 2018.
At the same meeting, the Board decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR1 per share to the shareholders.
The Ordinary and Extra Ordinary General Assembly of the shareholders of Doha Bank will be held on March 6, 2019, and in the event the quorum is not met, a second meeting will be held on March 13, 2019.
The Chairman of the Board also stated that the interest income of Doha Bank significantly grew by 8 percent as compared to last year to reach QR3.9bn. The net operating income stood at QR2.6bn.
Total assets amounted to QR96.1bn as on December 31, 2018. Net loans and advances reached QR59.8bn. The investment portfolio amounted to QR20.6bn, registering an increase of 17.4 percent. Customer deposits stood at QR55.5bn as on December 31, 2018.
He also declared that the total shareholder’s equity by end of 2018 reached to QR12.7bn while the earnings per share was QR1.97 and the return on average shareholders’ equity was 9 percent and the return on average assets was 0.88 percent.
Sheikh Fahad added that the audited financial statements, declared net profit, proposed cash dividends percentage are subject to the approval of the concerned regulatory authorities and the General Assembly of the Shareholders. He also said that the Board of Directors and the Executive Management will work together to achieve the objectives that are outlined in the Bank’s strategy for the coming five years.
