Doha Bank posts net profit of QR209 mn for Q1 2023

Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani announced on Wednesday that Doha Bank has posted a net profit of QR209 million in the first quarter of 2023. In addition, he said the net interest income for the period stood at QR492 million, up 2 percent from Q4 2022.

As of March 31, 2023, the bank’s total assets were QR 96.6 billion, net loans and advances were QR 56.6 billion, the investment portfolio amounted to QR 25.0 billion, and customer deposits were QR 48.6 billion.

The net operating income was QR 638 million, a marginal increase of 1 percent from Q4 2022. The bank was also able to reduce its total cost by 2.2 percent compared to the same period last year.

Sheikh Abdul Rahman Bin Mohammad Bin Jabor Al-Thani, the Managing Director of the Board of Directors, announced that the bank’s total shareholder’s equity reached QR 13.9 billion by the end of Q1 2023.

The bank achieved a return on average shareholders’ equity of 6.3 percent and a return on average assets of 0.86 percent. The total capital adequacy ratio of the bank stood at 19.4 percent as of March 31, 2023.

Sheikh Fahad also stated that Doha Bank will work to support companies and individuals in Qatar, in accordance with the directives of His Highness the Amir of the State of Qatar Sheikh Tamim bin Hamad Al Thani, and the instructions issued by Qatar Central Bank.