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QATAR : Doha Bank announces raise in profits in 2010 8.3 per cent rise in net profit at $288.2 million.

With net profit increasing by 8.3 per cent to QAR 1.05 billion ($288.2 million) the bank posted results for 2009-2010 fiscal as compared to QAR 975 million ($267.7 million) in the earlier corresponding period.

Fahad bin Mohammed bin Jaber Al Thani, Chairman of the bank said, "The strength and durability of the Qatari economy, in addition to Qatar being the host nation of the World Cup in 2022, we are anticipating that Qatar will witness an unprecedented boom across all economic sectors and the launch of many development projects in the coming years, which will be positively reflected in the Bank's performance level and lead to additional achievements."

Doha Bank obtained 10 % additional contribution to its capital from the Qatar Investment Authority, during January 2011 that was given as support to its expansion strategy. On the financial front, Doha Bank attained high growth results across all key indicators, with overall assets going up to QR 47.2 billion ($12.9 billion), an raise of 2.7 per cent. The overall portfolio of loans and advances of the bank increased by 2.5 per cent and the total customer deposits grew by 10.5 per cent. Shareholders' equity rose to QAR 6 billion ($1.6 billion), a growth of 3.1 per cent.

"These robust results translated into strong performance ratios and in-particular the return on average shareholders' equity which was 21.4 per cent and the return on average assets was 2.26 per cent, said Fahad bin Mohammed.

The bank's Islamic banking products and services added considerably to its development and overall assets of Doha Islamic arrived at QAR 3.8 billion ($1 billion), overall financing activities attained QAR 2.8 billion ($768.7 million), and the overall net profit of Doha Islamic touched QAR 111.5 million ($30.6 million). In 2010 Doha Islamic also introduced additional advanced products and services and developed the accessible ones.

2011 Al Bawaba (Albawaba.com)

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Publication:Mena Report
Geographic Code:7QATA
Date:Mar 4, 2011
Words:335
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