His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, the leading private commercial bank in Qatar, announced Doha Bank’s financial results for the year 2014. Net profit for the year 2014 recorded an impressive QAR 1,354 million which represents a growth of 3.1 per cent as compared to QAR 1,313 million for the year 2013. H.E. Sheikh Fahad said “This is another outstanding result and is clear demonstration that Doha Bank continues to perform consistently.”
The Bank increased its net operating income by 12.5 per cent to reach QAR 2.9 billion. Fees and commission income for the year 2014 showed an impressive growth of 27.3 per cent reaching QAR 516 million as compared to QAR 405 million for the last year 2013. Total assets increased by QAR 8.5 billion, a growth of 12.8 per cent, from QAR 67.0 billion as at 31 December 2013 to QAR 75.5 billion as at 31 December 2014. Net Loans & Advances increased to QAR 48.6 billion in 2014 from QAR 41.1 billion in 2013, registering a growth of 18.1 per cent. Deposits showed a year on year increase of 8.1 per cent from QAR 42.5 billion in 2013 to QAR 45.9 billion as at 31 December 2014 which is evidence of the strong liquidity position of the Bank.
H.E. Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al-Thani, Managing Director of Doha Bank said “The Bank continues to perform well with total equity, as at December 2014, at QAR 11.3 billion, registering a marginal increase of 0.2 per cent during the last year. Through the efficient asset allocation model the return on average Shareholders’ equity is 16.4 per cent as at December 2014 one of the best in the industry. The Bank has achieved a very high return on average assets of 1.93 per cent as at December 2014, which is a clear demonstration of the effective utilization of shareholder’s funds. Further, H.E. Sheikh Abdul Rehman said “The Bank’s core revenue streams have shown strong growth over the prior year period reflecting on the Bank’s intrinsic strength towards recurring earning capacity and also on the Bank’s productive operational performance.”
Doha Bank continues to maximize shareholder value which is clearly evident from the successful results displayed. This is largely due to the Bank’s strategy to innovate, diversify and capitalize on market synergies. Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, highlighted that the Extra Ordinary General Assembly meeting of the shareholders of Doha Bank held on 30th Nov 2014, had unanimously approved the Scheme of Amalgamation to take over the India operations business of HSBC Bank Oman S.A.O.G by Doha Bank Q.S.C, India on a going concern basis, subject to necessary regulatory approvals, in line with the Bank’s International expansion strategy.
Highlighting the key innovations, achievements and initiatives by Doha Bank in 2014, Dr. R. Seetharaman, said “Doha Bank inaugurated its first electronic branch in Dubai besides introducing various products and services such as acquisition financing, deal underwriting, factoring, M&A advisory, JV arranging, project financing, aircraft financing, online money transfer through credit card (which is a first in Qatar), mobile e-remittance for payroll card holders, deposit cards and mobile banking for corporate customers, CMS for UAE & Kuwait customers to name a few. Additionally, the working hours of 12 branches were extended to facilitate customer convenience. Through its highly skilled Corporate Finance team, Doha Bank closed notable large ticket deals in the region. Doha Bank tied up with Q-Tickets to power their online payment portal. In order to reinforce the Bank’s network security as well as enhance customer experience, Doha Bank entered into an agreement with Ooredoo to upgrade network infrastructure.”
During the year, Doha Bank came up with various schemes, promotions and campaigns, such as pre-approved, pre-screened loan campaign, offering up to 100% finance option for Messaeid Petrochemical Holding Company IPO subscribers, ‘win your loan back’ campaign, extension of personal loan offer as well as an increase in ATM cash withdrawal limit. In its continued effort to support Entrepreneurs and SMEs, Doha Bank entered into a partnership agreement with Enterprise Qatar, an SME development company. Doha Bank’s annual summer credit card campaign provided eligible cardholders with attractive cash back on all international spend as well as on local spends. Also, one of the best rewarding savings program - Doha Bank’s Al Dana Savings Program distributed prizes to select customers in its draws conducted with select customers receiving QAR 1 Million each. In its continued effort to address online security issues on cards faced by the customers, VBV / MCSC were implemented to secure online card transactions. It also simplified the online banking password reset process, instant Debit Card & Credit Card printing in one of the flagship branches as well as facilitates payment of worker’s wages through Bank accounts in line with Qatar’s ‘Wage Protection System’.
Doha Bank hosted bullion related business customers on a dhow cruise with a unique theme titled ‘Sailing with Gold’. Doha Bank also hosted a conference on ‘Digitization in Retail’ discussing the fundamental challenges faced by retailers against the backdrop of rapid digitization. Recognizing the importance and benefits of knowledge sharing, Doha Bank hosted knowledge sharing sessions on various topics encompassing various challenges and opportunities in the industry as well as sustainability, in locations such as Dubai, Abu Dhabi, Singapore, Turkey, Kuwait, India and Qatar. Doha Bank and the Embassy of India co-hosted a business meeting on ‘Vibrant Gujarat 2015 Middle East Delegation’.
Doha Bank was adjudged as the ‘Best Bank in Qatar’ by IAIR as well as ‘Best Commercial Bank in the Middle East 2014’ by Global Banking & Finance, in testament to the Bank’s commitment to being a one-stop-shop financial services provider. Additionally, Doha Bank claimed various other awards such as ‘The Bizz 2014 – Beyond Success’ award by the WORLDCOB, ‘Retail Bank of the Year’ at Enterprise Agility Awards, ‘Best Regional Commercial Bank’ at The Banker Middle East Industry Awards, ‘Best Retail Bank in Qatar’ by The Asian Banker, ‘Excellence in EUR Straight Through Processing‘ by Deutsche Bank, ‘Best Domestic Retail Bank in Qatar’ and ‘Best Domestic Trade Finance Bank in Qatar’ by The Asian Banking and Finance.
Being a pioneer in Corporate Social Responsibility in Qatar, Doha Bank continued its various initiatives such as its flagship ‘Al Dana Green Run’, providing donation support to humanitarian efforts in Gaza through QCB as well as to Qatar Red Crescent. These efforts were preceded by Doha Bank signing a partnership agreement with Qatar Charity in support of its ‘Ademha’ Program, supporting Qatar Paralympic Committee (QPC), as well as its beach clean-up activities, setting up gardens at Dukhan and Messaeid in Qatar, and ongoing ECO-Schools Program recognizing six schools in Qatar. Doha Bank continued its efforts on Qatarisation by holding career fairs, staff welfare and training initiatives throughout the year. In recognition of the above mentioned initiatives, Doha Bank received the ‘Golden Peacock Global Award for CSR’, ‘Golden Peacock Global Award for Sustainability’ as well as ‘Environmental Award’ from The Arab Organization for Social Responsibility.