(MENAFN- The Peninsula) DOHA: Doha Bank recorded a net profit of QR1.01bn for the third quarter of 2016 (Q3, 16) despite the oil-triggered challenges in the financial markets across various countries. The bank sustained the core income as the net interest income is up by 2.1 percent as compared to same period in 2015.
Announcing the Q3 results here yesterday, Sheikh Fahad Bin Mohammad bin Jabor Al-Thani, Chairman of the Board of Directors of Doha Bank said the core revenue streams have shown strong growth over the prior year period reflecting on the bank";s intrinsic strength towards recurring earning capacity and also on the bank";s productive operational performance. Doha Bank";s total assets increased by QR 2.1bn, up 2.6 percent, from QR82.3bn in third quarter of 2015 to QR84.5bn in Q3,16. Net loans & advances increased to QR55.6bn in Q3,16 from QR54.4bn a year ago, up 2.1 percent. The bank";s deposits stood at QR48.6bn, a decrease of 6.6 percent from last year same period.
Sheikh Abdul Rehman Bin Mohammad Bin Jabor Al Thani, Managing Director of Doha Bank said 'The bank has become extremely strong over the years with total equity, as at 30 September 2016, at QR 13.4bn, registering an increase of 1.5 percent during the last twelve months. Through the strategic utilisation of the shareholder";s funds by way of increasing our performance levels the return on average shareholders"; equity is 14.8 percent as at 30 September 2016 one of the best in the industry. The Bank, given the scale of operations, has achieved a very high return on the average assets of 1.62 percent in Q3, 16 which is a clear demonstration of the effective utilization of shareholder";s funds and optimum asset allocation strategies”.
Dr. R. Seetharaman, Chief Executive Officer of Doha Bank, said 'Doha Bank";s strong results once again highlights the strength of its products and services, ongoing customer demand, capitalising on market synergies in a challenging and competitive environment. Doha Bank has recently updated its EMTN programme which is listed on the London Stock Exchange.
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