Doha Bank reports QR704m net profit in 2021
Date
2/10/2022 12:27:49 AM
(MENAFN- The Peninsula) The Peninsula
Doha: Doha bank has posted a net profit of QR704m for the year ended December 31, 2021, after meeting held by the Board of Directors (BOD) which was chaired by sheikh Fahad bin Mohammad bin Jabor Al Thani yesterday. During the meeting, the BOD also approved the draft of the Bank's audited financial statements for 2021.
Sheikh Fahad noted net profit of the Bank for 2021 stood at QR704m after taking additional extraordinary provision during the year for further caution. At the same meeting, the BOD has decided to present a recommendation to the General Assembly to distribute cash dividends to shareholders for an equivalent of 7.5 percent of the paid up capital or QR0.075 per share.
The Board also approved the Agenda of the Ordinary and Extra Ordinary General Assembly Meeting of the Bank's shareholders, including the call for 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.
Sheikh Fahad also stated that Doha Bank's net interest income significantly grew by 11.4 percent compared to the previous year to reach QR2.6bn. Net operating income stood at QR3.1bn, registering a growth of 5.8 percent compared to the previous year. Total assets amounted to QR101.1bn as at December 31, 2021. Net loans and advances reached QR62.7bn by the end of December last year. The Bank's investment portfolio reached QR25.1bn, while Customer deposits stood at QR50.4bn as at December 31, 2021.
The Chairman also declared that the total shareholder's equity by the end of 2021 reached to QR14.3bn, while earnings per share stood at QR0.16, with the return on average shareholders' equity at 5.2 percent and the return on average assets at 0.69 percent.
Sheikh Fahad added that the audited financial statements, declared net profit, distribute cash dividends to shareholders for QR0.075 per share for an equivalent of 7.5 percent of the paid up capital are all subject to the approval of the concerned regulatory authorities and the General Assembly of the Shareholders. He added 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.
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