Doha Bank has reported net profit of QR432mn in the first half (H1) of 2024, representing an increase of 10.3% on an annualised basis.Total assets reached QR105.9bn to grow by 13.8% year-on-year, while net loans and advances stood at QR59bn with a growth of 5.7% on a yearly basis, according to Sheikh Fahad bin Mohamed bin Jabor al-Thani, chairman of Doha Bank.Customer deposits grew by QR7.5bn or 17% to QR51.6bn at the end of June 30, 2024."The bank continues to maintain stable capital and liquidity positions. The common equity tier 1 (CET1) ratio remains at 13.43% and the total capital adequacy ratio is strong at 19.71%,” said Sheikh Abdul Rahman bin Mohamed bin Jabor al-Thani, managing director of Doha Bank.The loan-to-deposit ratio has improved significantly, reaching 96.2%, which is well within the limits of the regulator, he said.The bank has "significantly" improved its funding profile over the last six months, and this will allow the bank to fund future lending growth, which it is anticipating for this year, according to him.Liquidity coverage ratio continues to be high at 166%, up from year-end 142%. The total shareholder’s equity reached QR14.6bn, showing an increase of 3.2% compared to last year.Doha Bank's group chief executive officer, Sheikh Abdulrahman bin Fahad bin Faisal al-Thani, said it launched many new initiatives during the first half of 2024."We have a clear way forward as we advance on the transformation of Doha Bank. Our priorities for the year include driving profitable assets and low-cost liabilities growth, advancing our digital capabilities, driving cost efficiencies, and strengthening the stability and sustainability of the bank. Doha Bank is committed to delivering long-term value and sustainable growth for its shareholders,” he added.The lender returned to the international debt capital markets with a bond issuance of $500mn, the success of this transaction demonstrates the positive investor reception of strategic changes being implemented by the bank.Fitch, the international credit rating agency, upgraded the bank’s long-term issuer default rating (IDR) to 'A' from 'A-' and short-term IDR to 'F1' from 'F2'; with a "stable" outlook. While Moody’s has maintained its bank's deposit long-term rating at 'Baa1' with a "stable" outlook.
July 21, 2024 | 08:35 PM