‘Best Commercial Bank in Middle East 2014’ honour for Doha Bank

The Global Banking and Finance Review Awards recently voted Doha Bank as the “Best Commercial Bank in the Middle East 2014”.

Doha Bank Group chief executive officer Dr R Seetharaman said, “We are honoured to receive this recognition. The award highlights the bank’s progressive outlook and commitment to being a one-stop-shop financial services provider to its ever-expanding global customer base.”

Dr Seetharaman noted that Doha Bank is “a trendsetter” in introducing many innovative products and services in Qatar with its “signature sustainable performance”.

He added that Doha bank has again proven to outperform in various geographies across customer segments and under challenging market conditions.

“The bank’s operating efficiency, asset allocation model and unique international strategy, combined with its seamless execution, ensure that the bank continues to stay a cut above the rest,” Dr Seetharaman explained.

Doha Bank had earlier received the licence to start banking operations in India and has subsequently agreed to purchase HSBC Bank Oman SAOG’s banking business in India, subject to regulatory approvals.

“India is a major market with great potential particularly considering the large Indian population in the GCC as well as the significant trade flows between the two regions,” Dr Seetharaman said.

In the first half of 2014, the bank registered a year on year growth in total assets by 21.6% and net loans and advances by 25.3%. During the same period, customer deposits grew by 30.5%, which evidenced the strong liquidity position of the bank.

Doha Bank’s return on average equity stood at 16.5% at the end of the first half of 2014. It also recorded a high return on average assets at 2.3%, which is a clear demonstration of the “effective utilisation” of shareholders’ funds and “optimum asset allocation strategies”.

In the last one year, the bank has achieved significant milestones through capital enhancements and international expansion by introducing innovative products and services. Doha Bank was successful in improvising on its performance, innovation and quality as well as exceeding customer expectations.

Doha Bank was recently adjudged “Best Regional Commercial Bank” by Banker Middle East, “Best Domestic Retail Bank in Qatar” and “Best Domestic Trade Finance in Qatar” by ABF, Best Retail Bank in Qatar - 2014 by The Asian Banker and Bank of the Year 2013 - Qatar by The Banker.

Doha Bank was also the recipient of the prestigious Golden Peacock Global Award 2013 for Corporate Social Responsibility for its commitment to public welfare and social consciousness.