Doha Bank Achieves Net Profit of QR. 830 Million for 2018

His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BOD) in its meeting held on 27th of January, 2019 has approved the draft of the Bank’s audited financial statements for the year ended 2018. His Excellency added that the net profit of the Bank for the year 2018 is QR 830 million as compared with QR 1,110 million in the year 2017 after taking significant loan loss provision. At the same meeting, the BOD has decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR (1) one per share to the shareholders.

Following are the board resolutions:

Approved the draft of the audited financial statements of the year 2018.

To submit a recommendation to the Ordinary General Assembly to distribute cash dividends to the shareholders for QR (1) one per share.

To call the Ordinary and Extra Ordinary General Assembly of the Shareholders for a meeting on the 6th of March 2019, and in the event the quorum is not met, a second meeting will be held on the 13th of March 2019.

Approved the Agenda of the Ordinary and Extra Ordinary General Assembly Meeting of the shareholders.

His Excellency also stated that the interest income significantly grew by 8% as compared to last year to reach QR 3.9 billion. The net operating income stood at QR 2.6 billion. Total assets amounted to QAR 96.1 billion as at 31 December 2018. Net loans and advances reached QAR 59.8 billion as at 31 December 2018. The investment portfolio amounted to QR 20.6 billion, registering an increase of 17.4%. Customer deposits stood at QR 55.5 billion as at 31 December 2018.

He also declared that the total shareholder’s equity by end of 2018 reached to QR. 12.7 billion while the earnings per share was QR 1.97 and the return on average shareholders’ equity was 9% and the return on average assets was 0.88%.

H.E. Sheikh Fahad added that the audited financial statements, declared net profit, proposed cash dividends percentage are subject to the approval of the concerned regulatory authorities and the General Assembly of the Shareholders. He also said that the Board of Directors and the Executive Management will work together to achieve the objectives that are outlined in the Bank’s strategy for the coming five years.

Source: Doha Bank