Doha Bank net profit up 5.4% to QR324 mn in Q1

Doha Bank net profit up 5.4% to QR324 mn in Q1

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Tribune News NetworkDoha Doha Bank on Wednesday announced that it posted a net profit of QR324 million in the first quarter of 2020, registering an increase of 5.4 percent compared to the net profit QR307.5 million for the same period in the previous year.The bank registered an operating profit of QR749 million, up by 17.9 percent. Net interest income was up by 11.2 percent to QR548 million in the first quarter of 2020 against QR 493 million in the same quarter last year. The bank’s total assets increased by QR10.1 billion to QR106.4 billion at the end of March this year, registering a growth of 10.4 percent over March 2029. Net loans and advances increased 11.3 percent to QR 65.3 billion. Showing evidence of the strong liquidity position of the bank, customer deposits showed a year on year increase of 0.6 percent from QR54.5 billion to QR54.8 billion as of March 31, 2020.Doha Chairman Sheikh Fahad bin Muhammad bin Jabor al Thani said, “As per the directives of the Amir His Highness Sheikh Tamim bin Hamad al Thani to provide support to all sectors and banks in Qatar in the face of the COVID-19 crisis and based on the instructions issued by Qatar Central Bank in this regard, Doha Bank will make all efforts to be the main pillar in supporting companies and individuals in benefiting from all possible facilities. We will work in line with the plan pursued by Qatar to address the obstacles faced by its customers during this period to overcome this crisis.”Pages 123

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