Doha Bank holds ordinary and extraordinary general assembly meetings of shareholders

Doha Bank chairman Sheikh Fahad bin Mohammad bin Jabor al-Thani announced that the ordinary general assembly of shareholders in its meeting held on Tuesday unanimously endorsed the Board of Directors’ Corporate Governance Report for 2024.

The ordinary general assembly also endorsed the balance sheet and the profit and loss account for the financial year that ended December 31, 2024 and the Board of Directors’ recommendation to distribute cash dividends to shareholders for QR0.10 per share.

During the same meeting, the chairman and board members were discharged from the liability for 2024 and approved the payment of the BoD’s stipulated remuneration for the year.

He said the AGM approved the BoD’s remuneration, performance remuneration, and nomination policies, board members’ election and board committees' formation procedures and the succession planning policy.

Sheikh Fahad stated that the EGM unanimously approved the proposed amendments to articles (16, 31, 65) of bank’s Articles of Association and approved authorising the Board chairman and/or vice-chairman and/or the managing director, individually, to obtain the necessary approvals from the competent authorities for the amended Articles of Association, incorporate any revisions requested by such authorities, and to sign and ratify the amended Articles of Association accordingly.

He stated that the bank’s financial and operational performance witnessed a notable improvement in 2024, with net profit reaching QR851mn, reflecting a growth of 10.7%.

Total assets amounted to QR110.2bn, representing an increase of 8.9% compared to the previous year.

Net loans and advances stood at QR61bn, achieving a growth of 5.1% compared to the same period last year.

The investment portfolio reached QR34.2bn, recording a 12.6% increase year-on-year.

Net operating income (for 2024) amounted to QR2.7bn, while net fee and commission income grew by 6.8% to reach QR402mn.

The bank continues to maintain stable capital and liquidity positions. The Common Equity Tier 1 (CET1) ratio reached 13.28% and the Total Capital Adequacy Ratio is strong at 19.54%.

The loan to deposit ratio continues to be within regulatory limits, reaching 98.25%. The bank has significantly improved its funding profile over the last year, and this will allow the bank to fund future lending growth anticipated in 2025.

Liquidity coverage ratio continues to be high at 167.6%, up from the previous year-end 142%. The total shareholder’s equity reached QR14.8bn, showing an increase of 2.6% compared to last year.

On the bank’s future plan, he said that in 2025 and beyond, Doha Bank aims to build on the foundational successes achieved through the ‘Himma Transformation’.

With the majority of transformation initiatives now in the execution phase, it is crucial to maintain a focused and disciplined approach to ensure their effective implementation.

“As a cornerstone of our transformation journey, we will continue prioritizing investments in technology and talent development, recognizing these as critical enablers of sustainable growth for the bank.

“In addition to our technological focus, we are deeply committed to sustainability. The bank will accelerate the integration of environmental, social, and governance (ESG) principles across all areas of its operations, reflecting our commitment to responsible banking practices and creating long-term value for all stakeholders.

“As the financial services industry navigates a new era characterised by digitisation, ESG imperatives, competitive pressures, and evolving regulations, Doha Bank remains fully committed towards its customers, shareholders, people, and broader society,” the chairman said.

Sheikh Fahad extended his sincere thanks and gratitude to the Board members and shareholders, representatives of the supervisory authorities in Qatar and the auditors for attending these meetings and wished them all success and prosperity.