Doha Bank net profit rises 22.7% to QR614 million in H1

July 28, 2021

Doha Bank on Tuesday announced that it achieved a net profit of QR614 million for the first six months of 2021 as compared to QR501 million for the same period in 2020 showing an increase of 22.7 percent.
Providing details about the first-half results, Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani said, “The bank’s net interest income significantly grew by 18.4 percent as compared to last year to reach QR1.3 billion and the net operating income stood at QR 1.6 billion showing a growth of 11.3 percent as compared to the same period last year.”
“The bank made significant progress in improving the cost management and efficient utilisation of resources where the operating cost for the period decreased by 3.1 percent as compared to the same period last year thus reducing the cost to income ratio to 27.8 percent from 31.4 percent showing bank’s productive operational performance,” Sheikh Fahad said.
Sheikh Fahad added that the bank’s total assets increased by QR1.3 billion, registering a growth of 1.2 percent from QR108 billion from June 30, 2020, to QR109.3 billion as of June 30, 2021.
The bank’s net loans and advances increased to QR72.2 billion as of June 30, 2021, from QR62.5 billion for the same period last year, registering a growth of 15.5 percent. Customer deposits showed a year on year increase of 5.5 percent from QR56 billion to QR59.1 billion as of June 30, 2021 which is evidence of the strong liquidity position of the bank.
Doha Bank Managing Director Sheikh Abdul Rehman bin Mohammad bin Jabor Al Thani said, “The total equity stood at QR14.2 billion as of June 30, 2021 registering a growth of 6.8 percent. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 20 percent as of June 30, 2021, from 17.6 percent as compared to the same period last year. Given the scale of its operations, the bank has achieved a return on the average assets of 1.15 percent as of June 30, 2021.”
Sheikh Fahad said that despite the current challenging conditions in the banking market, the performance of Doha Bank has remained strong and consistent, the integrity of its operations and its outstanding products and services.
During the year, Sheikh Fahad said, the bank leveraged its remedial, revenue, rationalization, restructuring, and remodelling strategy.
Sheikh Fahad said that Qatar’s leadership provided support to all sectors, and as part of the collective efforts made by all agencies and institutions in Qatar to help the people of Qatar in handling the current situation related to the COVID-19 pandemic, Doha Bank made all efforts to be the main pillar in supporting the plans of the state.

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