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Doha
Doha Bank has reported a net profit of QR754 million for the year 2019 as compared with QR830 million for 2018 after taking significant loan loss provision, the bank announced in a statement
on Monday.
The results were announced during the board of directors meeting, headed by Doha Bank board Chairman Sheikh Fahad bin Mohammad bin Jabor al Thani, in Doha.
The bank’s interest income grew significantly by 7.5 percent to reach QR4.2 billion. The net operating income stood at QR2.8 billion.
Total assets amounted to QR108.2 billion as on December 31, 2019. Net loans and advances reached QR65.8 billion. The investment portfolio amounted to QR26.6 billion, registering an increase of 28.1 percent.
Customer deposits stood at QR58.5 billion as at December 31, 2019. The total shareholder’s equity by end of 2019 reached to QR13.3 billion, while the earnings per share amounted to QR0.17.
The return on average shareholders’ equity was 6 percent and the return on average assets reached 0.74 percent.
At the meeting, the board decided to recommend to the general assembly to carry forward the net profit to the following year to enhance the bank’s financial position.
The following resolutions were approved by the board:
? To submit a recommendation to the ordinary general assembly to carry forward the net profit after deductions to the following year.
? To submit a recommendation to the Extra ordinary general assembly meeting to approve the issuance of Additional Tier 1 (AT1) and/ or Tier II Capital Instruments amounting up to $1 billion either directly or through a special purpose vehicle (SPV) as per the terms of the issue which shall include but not limited to the following:
? The issuances should qualify as capital instruments (AT1 or Tier II) as per Qatar Central Bank (QCB) terms and regulations
? Issuance can be through a public issue and or a private placement, in local and / or international markets.
? To set up of a new EMTN programme which complies with capital instrument issuance regulation. The programme will be capped at $1 billion
? The issuances can be in local or major foreign currencies
? Tier II issuance will not exceed $500 million (or its equivalent)
? The maturity of the Additional Tier 1 instrument shall be perpetual and that of Tier II to be limited to 10 years
? To authorise the board of directors of Doha Bank and those authorised by the board to determine all terms and conditions and take all necessary actions to execute these issuances after obtaining relevant approvals from QCB and other competent authorities
? Delegation from EGM of shareholders to the board will be valid for three years
? To call the ordinary and extra ordinary general assembly of the shareholders for a meeting on March 16, and in the event the quorum is not met, a second meeting will be held on March 30
? Approved the agenda of the ordinary and extra ordinary general assembly meeting of the shareholders
Sheikh Fahad said the audited financial statements, declared net profit, carrying forward the net profit to the following year, and issuance of additional capital instruments are subject to the approval of the concerned regulatory authorities and the general assembly of the shareholders.
He also said 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.
Doha
Doha Bank has reported a net profit of QR754 million for the year 2019 as compared with QR830 million for 2018 after taking significant loan loss provision, the bank announced in a statement
on Monday.
The results were announced during the board of directors meeting, headed by Doha Bank board Chairman Sheikh Fahad bin Mohammad bin Jabor al Thani, in Doha.
The bank’s interest income grew significantly by 7.5 percent to reach QR4.2 billion. The net operating income stood at QR2.8 billion.
Total assets amounted to QR108.2 billion as on December 31, 2019. Net loans and advances reached QR65.8 billion. The investment portfolio amounted to QR26.6 billion, registering an increase of 28.1 percent.
Customer deposits stood at QR58.5 billion as at December 31, 2019. The total shareholder’s equity by end of 2019 reached to QR13.3 billion, while the earnings per share amounted to QR0.17.
The return on average shareholders’ equity was 6 percent and the return on average assets reached 0.74 percent.
At the meeting, the board decided to recommend to the general assembly to carry forward the net profit to the following year to enhance the bank’s financial position.
The following resolutions were approved by the board:
? To submit a recommendation to the ordinary general assembly to carry forward the net profit after deductions to the following year.
? To submit a recommendation to the Extra ordinary general assembly meeting to approve the issuance of Additional Tier 1 (AT1) and/ or Tier II Capital Instruments amounting up to $1 billion either directly or through a special purpose vehicle (SPV) as per the terms of the issue which shall include but not limited to the following:
? The issuances should qualify as capital instruments (AT1 or Tier II) as per Qatar Central Bank (QCB) terms and regulations
? Issuance can be through a public issue and or a private placement, in local and / or international markets.
? To set up of a new EMTN programme which complies with capital instrument issuance regulation. The programme will be capped at $1 billion
? The issuances can be in local or major foreign currencies
? Tier II issuance will not exceed $500 million (or its equivalent)
? The maturity of the Additional Tier 1 instrument shall be perpetual and that of Tier II to be limited to 10 years
? To authorise the board of directors of Doha Bank and those authorised by the board to determine all terms and conditions and take all necessary actions to execute these issuances after obtaining relevant approvals from QCB and other competent authorities
? Delegation from EGM of shareholders to the board will be valid for three years
? To call the ordinary and extra ordinary general assembly of the shareholders for a meeting on March 16, and in the event the quorum is not met, a second meeting will be held on March 30
? Approved the agenda of the ordinary and extra ordinary general assembly meeting of the shareholders
Sheikh Fahad said the audited financial statements, declared net profit, carrying forward the net profit to the following year, and issuance of additional capital instruments are subject to the approval of the concerned regulatory authorities and the general assembly of the shareholders.
He also said 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.
