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Doha Bank Net Profit Rises by Over 20 Per Cent

The net profit for the first quarter of 2009 has increased by more than 20 per cent to an impressive QR330 million, compared to QR274 million for the same period in 2008.

Net interest income rose by 24 per cent to QR267 million, net Islamic financing income rose an impressive of more than 30 per cent to reach QR58million and the net Operating Income during the same period has gone up from QR428 million to QR551 million reflecting an increase of 29 per cent. Total assets increased by QR9.1 billion, a growth of more than 27 per cent, from QR 33.2 billion as at 31 March 2008 to QR 42.2 billion as at 31 March 2009. Net loans & Advances increased to QR 24.2 billion from QR 20.7 billion for the same period last year, registering a growth of 17 per cent, with Deposits of QR22 billion as at 31 March 2009 evidencing the strong liquidity position of the bank.

Shaikh Abdul Rehman bin Mohammad bin Jabor Al Thani, Managing Director of Doha Bank said “The bank has become extremely strong over the years with shareholders’ funds, as at 31 March 2009, at QR4.7 billion, registering an increase of 42 per cent during the last twelve months. The paid-up share capital of our bank has organically increased over the years and, as at 31 March 2009 it is QR1.81 billion reflecting the strong confidence we enjoy from our shareholders and this region. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels the return on average equity is 28.50 per cent as at March 31, 2009, the best in 
the industry.”

“The bank, given the scale of operations, has achieved a very high return on the average assets of 3.25 per cent as at March 31, 2009, which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies.”