DUBAI
DOHABank said on Wednesday that its third-quarter net profit rose to QR1.01 billion ($278 million) on higher net operating income and a growing asset base.
The net profit was 5 percent higher than in last year’s third quarter, Doha Bank said in a statement posted on the Qatari bourse website. Net operating income rose 3 percent to QR1.8 billion, while total assets grew 5.6 percent from a year ago to QR52.8 billion, the statement said.
Doha Bank Chairman Sheikh Fahad bin Mohammad al Thani said the results showed the bank continues to perform consistently.
Talking about the key achievements in the third quarter, Doha Bank Group CEO R Seetharaman said, “The board of directors has resolved in its meeting held in September to submit a recommendation to the extraordinary general assembly to increase the capital of the bank during the first quarter of 2013 by 50 percent to meet the bank’s strategic business development requirements. The instruments, issue’s value and premium, date of issue, and any other related details would be disclosed in accordance with the enforced laws after completion of necessary studies and obtaining the approval of the competent authorities.” Doha Bank MD Sheikh Abdul Rehman bin Mohammad bin Jabor al Thani said, “Through the strategic utilisation of shareholder’s funds in order to maximise our performance levels, the return on average equity is 21.2 percent as on September 30, 2012 which is the highest in the Qatar. The bank, given the scale of operations, has achieved a very high return on average assets of 2.69 percent which is a clear demonstration of optimum asset allocation strategies.” Doha Bank augmented its expansive network by opening an electronic branch in Lulu shopping mall in Al Khor. This will help Doha Bank to serve Qatar’s communities in every corner of the country.
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