Doha Bank posts 2020 net profit of QR703mn

      Published on Wednesday, 10 February , 2021      775 Views     
Doha Bank posts 2020 net profit of QR703mn

  • Banking

Doha Bank has achieved net profit of QR703mn in 2020 as net interest earnings witnessed a robust double-digit expansion.

Although the bottom-line was impacted by ‘significant loan loss provision; the bank has recommended QR0.075 cash dividend to be approved by shareholders at the annual general assembly meeting scheduled for March 15.

The bank’s net interest income grew ‘significantly by 17.1% to QR2.3bn as net operating income reached QR3bn, Sheikh Fahad bin Mohamed bin Jabor al-Thani, Doha Bank chairman said after the board meeting.

Total assets amounted to QR103.5bn at the end of December 2020. Net loans and advances were QR65.5bn and the investment portfolio stood at QR24.7bn in the review period. Customer deposits stood at QR55.1bn in 2020. Sheikh Fahad said total shareholder’s equity by end of 2020 reached QR13.8bn, while earnings-per-share was QR0.16.

The bank’s the return on average shareholders’ equity was 5.3% and the return on average assets was 0.66% in the review period.

The board also decided to submit a recommendation to the general assembly regarding the extension of the period for issuance of bonds under the bank’s EMTN (euro medium term note) programme that was previously approved in the AGM dated March 7, 2018.

The proposal is to extend the issuance of bonds in varying amounts that would, in aggregate, not exceed the EMTN programme valuing $2bn with maturities not exceeding 30 years.

The proposed issuance, to be issued either by a special purpose vehicle guaranteed by Doha Bank or directly through the bank, could be in various major currencies including the US dollar, Australian dollar, Japanese yen, Swiss francs and sterling pound; provided that no single deal exceeds $1bn.

Sheikh Fahad said total outstanding/due debt notes ‘bonds of the bank should not exceed at any time the bank’s capital and reserves.

The audited financial statements, declared net profit, distribution of cash dividends to shareholders for QR(0.075) per share and issuance of additional capital instruments and amendments to Articles (3) and (14) of company’s Article of Association are subject to the approval of the regulatory authorities concerned and the general assembly of the shareholders, according to him.

Category Banking, Business | 2021/02/10 latest update at 7:00 PM
Source : Mena FN | Photocredit : Google
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