Doha Bank, the private commercial bank in Qatar, has been named ‘Bank of the Year 2013 – Qatar’ by The Banker magazine, an affiliate publication of ‘The Financial Times’.
The 14th Bank of the Year awards was held in London and recognized leading banks from markets around the world. The awards recognize institutions that have risen to the challenges posed by the tough global operating environments by demonstrating innovation, efficiency and vigilant risk management for the benefit of their customers and the economies in which they operate.
On behalf of Doha Bank, His Excellency Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, Chairman of the Board of Directors and Dr. R. Seetharaman, Group CEO, Doha Bank, along with senior delegation attended the award function.
The Chairman, His Excellency Sheikh Fahad said: “Doha Bank is honored to receive this recognition from The Banker which is an acclaimed global financial publication and we hope that this award will be a further inspiration for our senior management team and employees at every level to continue their excellent work in implementing the Bank’s multi-level strategy.”
Dr. R. Seetharaman added: “The year 2013 has been a landmark year for Doha Bank. We have established new representative offices in strategic markets including Toronto in Canada, Sharjah in the UAE, the special administrative region of Hong Kong in China, and Sydney in Australia, expanding our global reach. In December 2012, the Abu Dhabi representative office was upgraded to a full-fledged branch. These have helped us in reinforcing our global network with presence in the State of Qatar, UAE, Kuwait, Canada, the United Kingdom, Germany, Turkey, Singapore, China, Hong Kong, South Korea, Japan and Australia. In addition, significant progress has been made in augmenting our alternative banking channels and retail offerings, while focusing on a tailored range of solutions for Corporates and SMEs.”
Highlighting Doha Bank’s performance, Dr. R. Seetharaman said, “Doha Bank has demonstrated consistent performance and the return on average equity was 18.4% as at 30 September 2013. In the same period for 9 months, the Bank’s net operating income increased by 5% to QR1.9bn. Total assets increased by more than QR9.7bn, a growth of 18%, from QR53.3bn as at 30 September 2012 to QR63.0bn as at 30 September 2013. Net Loans & Advances increased to QR38.9bn from QR31.8bn for the same period last year, registering a growth of more than 22%. Deposits showed a year on year increase of 29% from QR31.1bn to QR40.1bn as at 30 September 2013 which evidences the strong liquidity position of the Bank.
After successfully completing the rights issue for QR1.55bn early in 2013, which was oversubscribed 1.8 times, the Bank further embarked on a second phase of capital enhancement. In November 2013, the Bank’s shareholders approved the issuance of Tier 1 capital instruments amounting to QR2bn, after which the Bank’s Tier 1 Capital would rise to 19% improving the Capital Adequacy Ratio in anticipation of Basel III requirements and will support Bank’s prospects for achieving its strategic goals at the local, regional and Global levels. It will also strengthen bank’s lending capacity and improve its competitive edge especially in the light of the anticipated boom in various economic sectors in Qatar in the coming years.”
Entrants in the Bank of the Year awards were asked to provide comprehensive data on their earnings, assets and Tier 1 capital growth and returns on equity. In addition to their financial standing, the judges also looked for evidence of innovation and standard-setting in local markets; from deploying new technology to boost efficiency or provide new services to customers, to expanding business lines, customer numbers and product portfolios in a sustainable and responsible manner.
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