Doha Bank's six-month net profit rises by 84 per cent

DUBAI — Doha Bank's net profit for the first six months of 2005 rose to QR327 million, against QR178 million for the same period in 2004, showing a jump of 84 per cent.

By A Staff Reporter

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Published: Sun 24 Jul 2005, 10:24 AM

Last updated: Thu 2 Apr 2015, 4:43 PM

Sheikh Fahad bin Mohammad bin Jabor Al Thani, chairman of the bank's board of directors, said that the bank "has become extremely strong, particularly during the last three years", with a capital increase from QR185 million to QR 693 million. The reserves and provisions have further strengthened, he said. Total assets increased by 22 per cent and shareholder's equity now stands at QR2 billion. The bank's deposits have grown by 10 per cent to QR 8 billion from QR7.3 billion for the same period last year. Advances increased to QR6.84 billion from QR5.34 billion for the same period last year, registering 28 per cent growth.

Sheikh Fahad dedicated the growth and performance to continuous patronage of ever expanding loyal customer base and commitment of shareholders to providing best value to customers. He attributed the forward looking vision of board, high level of commitment of management and staff, customer care, best suite of products and services, and ongoing product and service improvement as the main reasons for the bank's rising to the top.

"We continue to introduce segment focused innovative products and services to our valued customers. We have initiated Bancassurance, which has been extremely popular in the market. We are also launching Islamic banking service to serve our existing and new customers. We have enhanced our SMS banking with key new features like fund transfer and utility bills payment instantly, a unique offer from Doha Bank. Our e-remittance is expanding fast to many new countries," he said.

"Today we offer the most comprehensive set of products to our corporate and retail customers. In line with our branch expansion strategy, we further opened new branches to bring our complement to 20 branches, 4 pay offices and 80 ATMs. We are opening 4 new e-branches. We have also opened a rep office in Dubai to increase our international business. With BS7799 standard security certification and ISO certified processing centers, we stand committed to follow the best international practices," added Sheikh Fahad.

"Doha bank has achieved the Euro money award for excellence 2005 as the 'Best bank in Qatar for 2005'. Banker Middle East has adjudged Doha Bank as the 'Best Commercial Bank in Middle East for 2005'. These awards validate our efforts towards creating best practice standards, strengthening stakeholder confidence and maintain high performance levels. We are committed to sustain the growth, profitability and customer expectations, and maintain our hall mark in terms of performance, innovation, security and quality," Sheikh Fahad concluded.



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