Doha Bank records 9-month profit of QR933m

The net profit for the first nine months of 2022 at Doha Bank was QR933 million, up 4.6 percent from QR892 million, according to the bank’s chairman, Sheikh Fahad bin Mohamed bin Jabor al-Thani, who made the announcement on Monday.

According to him, net commission income increased dramatically over the course of the nine months that concluded on September 30 from QR222mn to QR273mn, a growth of 22.8 percent. Net interest income was QR1.8 billion, and net operating income was QR2.3 billion.

Sheikh Fahad stated that the bank’s net interest income increased by 0.7 percent and its net operating income increased by 3.9 percent quarter-over-quarter (Q3 2022 vs. Q2 2022). Sheikh Fahad also stated that the bank made significant progress in improving cost management and the effective use of resources, as the non-staff cost for the period decreased by 0.7 percent compared to the same period last year, demonstrating successful operational performance.

He stated that as of September 30, total assets were QR94.2 billion, net loans and advances were QR56.2 billion, and customer deposits were QR49.1 billion.

Doha Bank’s managing director, Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani, stated: “Total equity stood at QR14.2bn as of September 30, 2022. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank stood at 19.52% as of September 30, 2022, from 19.81% as compared to the same period last year. The bank, given the scale of its operations, achieved a return on the average assets of 1.27% as of September 30, 2022.”

Sheikh Fahad said, “Looking ahead, we continue to be optimistic about the prospects of the bank. The ongoing digital transformation of Doha Bank has allowed us to be a major participant, and to incubate new lines of businesses that leverage upon our relationships.” 

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