Doha: Doha Bank achieved a net profit of QR501m for the first six months of 2020, as compared to QR519m for the same period in 2019.
Announcing the financial results, Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani said yesterday the bank the bank has made significant progress in improving the cost management and efficient utilization of resources where the operating cost for the period decreased by 2.2 percent as compared to same period last year thus reducing the cost to income ratio to 31.4 percent from 35.5 percent showing bank’s productive operational performance.
Sheikh Fahad added that the bank’s total assets increased by QR7.3bn, registering a growth of 7.2 percent, from QR100.8bn as at 30 June 2019 to QR108bn as at 30 June 2020. Net loans and advances increased to QR62.5bn from QR60.9bn, registering a growth of 2.6 percent. Customer deposits showed a year on year increase of 0.7 percent from QR55.6bn to QR56.0bn reflecting the bank’s strong liquidity position. Sheikh Fahad also pointed out that Doha Bank’s total financial investment portfolio increased by QR1.2bn, showing a significant growth of 4.6 percent as compared to the same period of the last year.
Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said “The total shareholder’s equity stood at QR13.3bn as at 30 June 2020 registering a growth of 0.2 percent.
The bank continued to strengthen its key capitalization ratios, where the total capital adequacy ratio of the bank increased to 17.6 percent as at 30 June 2020 from 17.4 percent as compared to the same period last year. The bank, given the scale of its operations, has achieved a return on the average assets of 0.93 percent as at 30 June 2020”.
Sheikh Fahad added that, despite the current challenging conditions in the banking market, the performance of Doha Bank has remained strong and consistent, integrity of its operations and its outstanding products and services. During the year, the bank leveraged on its “5 R’s” strategy – remedial, revenue, rationalization, restructuring and remodeling.
The Chairman said that under the wise leadership pursued by the Amir H H Sheikh Tamim bin Hamad Al Thani and his directives to provide support to all sectors, Doha Bank has made all efforts to be a main pillar in supporting the plans of the State, QCB and companies, and have been working to address the obstacles faced by all customers. Sheikh Fahad expressed confidence that all customers of the bank will adapt to the digital banking transformation adopted by Doha Bank.