Doha Bank posts net profit of QR704 mn for 2021

Tribune News Network Doha Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani on Wednesday announced that the bank’s board of directors (BOD) ...

Tribune News NetworkDoha Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani on Wednesday announced that the bank’s board of directors (BOD) has approved the draft of the bank’s audited financial statements for 2021. Sheikh Fahad announced that the net profit of the bank for the year 2021 is QR704 million after taking additional extraordinary provisions during this year for more cautions. At the same meeting, the BOD decided to present a recommendation to the general assembly to distribute cash dividends of QR0.075 per share to shareholders. Sheikh Fahad stated that the bank’s net interest income significantly grew by 11.4 percent as compared to last year to reach QR2.6 billion. The net operating income stood at QR3.1 billion registering a growth of 5.8 percent compared to last year. Total assets amounted to QR 101.1 billion as at December 31, 2021. Net loans and advances reached QR62.7 billion and the investment portfolio amounted to QR25.1 billion. Customer deposits stood at QR50.4 billion as of December 31, 2021.He also declared that the total shareholder’s equity by end of 2021 reached QR14.3 billion, while the earnings per share was QR 0.16 and the return on average shareholders’ equity was 5.2 percent and the return on average assets was 0.69 percent.Sheikh Fahad added that the audited financial statements, declared net profit, distribution of cash dividends to shareholders that is equivalent to 7.5 percent of the paid-up capital are subject to the approval of the concerned regulatory authorities and the General Assembly of the shareholders. He said that the board of directors and the executive management will work together to achieve the objectives that are outlined in the bank’s strategy for the coming five years.During the meeting, the board approved the draft of the audited financial statements for the year 2021and the agenda of the Ordinary and Extra-Ordinary General Assembly Meeting of the shareholders.The board decided to call the Ordinary and Extra-Ordinary General Assembly of the Shareholders for a meeting on March 14, 2022, and in the event, the quorum is not met, a second meeting will be held on March 23, 2022.