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Satyendra Pathak
Doha
Doha Bank on Tuesday announced that it had registered a net profit of QR1.11 billion in 2017 when compared with QR1.054 billion in the previous year.
Based on the sustained growth in net profit, the bank's board of directors has recommended a dividend of QR3 per share for the shareholders.
Registering a growth of 3.5 percent, the total assets of the bank increased by QR3.1 billion to QR93.5 billion in 2017 from QR90.4 billion in 2016. Loans and advances rose from QR59.2 billion in 2016 to QR59.8 billion in 2017, a growth of 1 percent.
Customers' deposits grew by 6.7 percent as total deposits increased from QR55.7 billion in 2016 to QR59.5 billion in 2017. The total value of shareholders' equity reached QR14.8 billion by the end of 2017, an increase of 10.7 percent compared to the previous year.
As of December 31, the bank's earnings per share stood at QR3.02 and the return on average shareholders' equity at 11.9 percent. The return on average assets was 1.21 percent.
According to a statement issued by the bank, the board of directors has submitted a recommendation to approve issuance of debt notes 'bonds' by using Doha Bank's Euro Medium Term Note (EMTN) programme valuing $2 billion.
The board has also recommended to reduce the minimum amount per issuance under commercial papers programme from $50 million to $1 million which was approved earlier by the shareholders in it's meeting held on
Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor al Thani said in a statement that board of directors and executive management of the bank would work together to achieve greater results and objectives that are outlined in the bank's strategy for the coming five years.
