Doha Bank recommends 30% dividend

23/01/2017 05:44 AST

Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, announced that the Board of Directors (BOD) in its meeting held yesterday decided to present a recommendation to the General Assembly to approve the distribution of cash dividends of QR3 per share to the shareholders.

He said the net profit of the Bank for the year 2016 is QR1.05bn as compared with QR1.35bn in the year 2015. The Bank achieved noticeable growth rates in many financial indicators, he added. The total assets rose by QR7.08bn from QR83.3bn in 2015 to QR90.4bn in 2016 showing a growth rate of 8.5 percent. Loans and advances rose from QR55.6bn in 2015 to QR59.2bn in 2016, a growth rate of 6.5 percent. The customer's deposits grew by 5.6 percent, where the total deposits increased from QR52.8bn in 2015 to QR55.7bn in 2016. The total shareholders' equity reached to QR13.4bn by year end by an increase of 1.5 percent compared to last year.

As of December 31, 2016 the earnings per share was QR3.23 and the return on average shareholders' equity was 12.1 percent and the return on average assets was 1.21 percent. Dr R Seetharaman, Chief Executive Officer of Doha Bank, said that despite the challenging market conditions, Doha Bank's strong performance throws light on its superior products and services, ongoing customer demand, capitalizing on market synergies. Also, Ordinary General Assembly of Shareholders unanimously agreed for Doha Bank to issue Certificate of Deposits (CD) program and Commercial Papers (CP) program subject to necessary regulatory and other approvals.

The Peninsula