Doha Bank first quarter net profit jumps 17.3% to QR380mn

Doha Bank recorded a QR380mn net profit in the first quarter of 2021, or a 17.3% growth over QR324mn achieved in the same period last year, according to the bank’s chairman, Sheikh Fahad bin Mohamed bin Jabor al-Thani. Sheikh Fahad said total assets increased by QR5.7bn, a 5.4% growth to reach QR112.1bn as of March 31, 2021. Net loans and advances increased to QR70.5bn or by 8% as of March 31, 2021. Customer deposits showed an increase of 16.2% from QR54.8bn to QR63.7bn as of March 31, 2021. The bank’s cost to income ratio has come down to 26.5% in the first quarter as compared to 30.8% for the same period last year. Doha Bank managing director Sheikh Abdul Rehman bin Mohamed bin Jabor al-Thani said, “The total shareholder’s equity by end of the quarter reached QR14bn, showing an increase of 15%. The bank continued to strengthen its key capitalisation ratios, where the total capital adequacy ratio of the bank increased to 19.7% in March 2021 from 16.2% as compared to the same period last year.”