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Doha Bank : Achieves Net Profit of QR. 754 Million for 2019

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02/17/2020 | 11:53pm EDT

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 17th of February 2020 has approved the draft of the Bank's audited financial statements for the year ended 2019. His Excellency added that the net profit of the Bank for the year 2019 is QR 754 million as compared with QR 830 million in the year 2018 after taking significant loan loss provision. At the same meeting, the BOD has decided to present a recommendation to the General Assembly to carry forward the net profit to the following year to enhance the bank's financial position.

Following are the board resolutions:

  • Approved the draft of the audited financial statements of the year 2019.
  • To submit a recommendation to the Ordinary General Assembly to carry forward the net profit after deductions to the following year.
  • To submit a recommendation to the Extra Ordinary General Assembly meeting to approve the issuance of Additional Tier 1 (AT1) and/ or Tier II Capital Instruments amounting up to USD (1) one Billion either directly or through a Special Purpose Vehicle (SPV) as per the terms of the issue which shall include but not limited to the following:
    • The issuances should qualify as Capital Instruments (AT1 or Tier II) as per Qatar Central Bank (QCB) terms and regulations.
    • Issuance can be through a public issue and or a private placement, in local and / or international markets.
    • To set up of a new EMTN program which complies with Capital Instrument issuance regulation. The program will be capped at USD (1) one Billion.
    • The issuances can be in local or major foreign currencies.
    • Tier II issuance will not exceed USD 500.0 Mn (or its equivalent).
    • The maturity of the Additional Tier 1 instrument shall be perpetual and that of Tier II to be limited to 10 years.
    • To authorize the Board of Directors of Doha Bank and those authorized by the Board to determine all terms and conditions and take all necessary actions to execute these issuances after obtaining relevant approvals from Qatar Central Bank and other competent authorities.
    • Delegation from EGM of Shareholders to the Board will be valid for 3 years.
  • To call the Ordinary and Extra Ordinary General Assembly of the Shareholders for a meeting on the 16th of March 2020, and in the event the quorum is not met, a second meeting will be held on the 30th of March 2020.
  • 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 7.5% as compared to last year to reach QR 4.2 billion. The net operating income stood at QR 2.8 billion. Total assets amounted to QR 108.2 billion as at 31 December 2019. Net loans and advances reached QR 65.8 billion as at 31 December 2019. The investment portfolio amounted to QR 26.6 billion, registering an increase of 28.1%. Customer deposits stood at QR 58.5 billion as at 31 December 2019.

He also declared that the total shareholder's equity by end of 2019 reached to QR. 13.3 billion while the earnings per share was QR 0.17 and the return on average shareholders' equity was 6% and the return on average assets was 0.74%.

Disclaimer

Doha Bank QSC published this content on 18 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2020 04:52:07 UTC

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