Despite the sharp decline in oil prices and challenges that face various global financial markets, Doha Bank posted a half yearly net profit of QR708mn, the leading Qatari lender announced yesterday. 
The bank sustained the core income as the net operating income is up by 0.7% as compared to same period in 2015.
The results were announced by Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani after a meeting of its Board of Directors here. 
Sheikh Fahad said Doha Bank’s core revenue streams have shown “strong growth” over the previous year, reflecting on its “intrinsic strength towards recurring earning capacity and also on productive operational performance.” 
Doha Bank’s total assets increased by QR4.6bn, a growth of 5.6%, from QR82.7bn (in June 2015) to QR87.4bn in June this year. 
Net Loans and advances increased to QR55.4bn from QR53.1bn for the same period last year, registering a growth of 4.5%. 
Deposits showed a year-on-year increase of 1.3% from QR51.7bn to QR52.4bn in June 2016, which is an evidence of the “strong” liquidity position of the bank.
Sheikh Fahad said, “Different economies in the world are currently facing challenges. Moreover, the sharp decline in oil prices during the last period has made the matter more complicated, and, in spite of all these circumstances, the Qatari economy is still strong and coherent, and we are confident that under the wise leadership of His Highness Sheikh Tamim bin Hamad al-Thani, the Emir, the State of Qatar will face all of these challenges. The Qatari economy will remain strong, not to mention the increasing number of upcoming projects, which will be reflected positively on the performance of Doha Bank and the Qatari banking system as a whole”.
Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The bank has become extremely strong over the years with total equity, as at June 30, 2016, at QR13.1bn, registering an increase of 0.1% during the last twelve months. Through the strategic utilisation of the shareholder’s funds by way of increasing our performance levels, the return on average shareholders’ equity is 15.7% as on June 30, one of the best in the industry. The bank, given the scale of operations, has achieved a very high return on the average assets of 1.66% as on June 30, which is a clear demonstration of the effective utilisation of shareholder’s funds and optimum asset allocation strategies”.  
Doha Bank chief executive officer Dr R Seetharaman said, “Doha Bank’s strong results highlights the strength of its vision and strategy to capitalise on market synergies in a challenging and competitive environment, ongoing customer demand as well as its strong suite of products and services. Recently, Doha Bank held an Ordinary General Assembly of shareholders, wherein it was unanimously agreed for Doha Bank to issue a Certificate of Deposits (CD) programme and Commercial Papers (CP) programme subject to necessary regulatory and other approvals. Subsequently, Doha Bank became the first Qatari Bank to tap the Taiwanese market on loan syndication by successfully completing a syndicated borrowing with an overwhelming response, securing $180mn for three years with cost effective pricing.” Doha Bank had also distributed 30% of the paid up capital as cash dividend to the shareholders during the year.