Doha Bank’s net profit QR392 mn for H1 of 2023

Doha Bank

Doha Bank posted a net profit of QR392 million for the first half of 2023, announced Sheikh Fahad Bin Mohammad Bin Jabor Al-Thani, the Chairman of the Board of Directors of the bank.

This is after taking additional provisions for the first half of the year to support the Bank’s financial position.

The chairman said the net interest income in Q2-2023 reached QR537 million, an increase of 9.3% as compared to Q1-2023. Net operating income in Q2-2023 reached QR 715 million, an increase of 12.1% as compared to Q1-2023 and has been able to reduce its total cost by 0.6% during first half of 2023 as compared to same period last year. Total assets amounted to QR 93.0 billion as at 30 June 2023. Net loans and advances reached QR 55.8 billion as at 30 June 2023. The investment portfolio amounted to QR 25.4 billion. Customer deposits stood at QR 44.1 billion as at 30 June 2023.

Sheikh Abdul Rahman Bin Mohammad Bin Jabor Al-Thani, Managing Director, announced that the total shareholder’s equity by end of half year 2023 reached to QR 14.2 billion an increase of 2.0% as compared to same period last year. The bank, given the scale of its operations, has achieved a return on average shareholders’ equity of 5.8%, the return on average assets of 0.82%. The bank continued to strengthen its key capitalization ratios, where the total capital adequacy ratio of the bank stood at 19.8% as at 30 June 2023.

Sheikh Fahad stated that under the wise leadership of His Highness the Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani and his directives to provide support to all sectors and banks in Qatar and based on the instructions issued by Qatar Central Bank in this regard, Doha Bank will make all efforts to be a main pillar in supporting national economy and private sectors, companies or individuals in benefiting from all possible facilities, and will work in line with the plan pursued by the State of Qatar.