- Doha Bank’s net profit for Q1 2024 increased by 10.9% to reach QR231 million compared to QR208.6 million in Q1 2023.
- Total assets of Doha Bank reached QR102.4 billion as of March 31, 2024, reflecting a 5.9% increase from the previous year.
- Net loans and advances grew by 2.7% to QR58.2 billion, with private sector lending experiencing a notable 5.1% increase.
- Customer deposits rose by 7.5% to QR52.2 billion, and the bank’s investment portfolio grew significantly by 20.3% to reach QR30.1 billion.
Sheikh Fahad bin Mohammad bin Jabor Al Thani, Chairman of the Board of Directors of Doha Bank, has approved the bank’s Interim Condensed Consolidated Financial Statement for the quarter ended March 31, 2024.
According to the statement, the net profit of the Bank for the first quarter of 2024 is QR231 million. This marks a 10.9 percent increase from the QR208.6 million net profit recorded in the same period in 2023.
The financial statement reflects the bank’s consistent growth and resilience in the face of economic challenges. Doha Bank’s performance in the first quarter of 2024 demonstrates its ability to navigate changing market conditions effectively.
Sheikh Fahad bin Mohammad bin Jabor Al Thani expressed his satisfaction with the bank’s performance, highlighting the efforts of the bank’s management and staff in achieving this growth. Doha Bank continues to focus on its strategic objectives, ensuring sustainable growth and value creation for its shareholders.
Sheikh Fahad reported that as of March 31, 2024, the total assets of the bank amounted to QR102.4 billion. This reflects a growth of QR5.7 billion or 5.9 percent compared to the previous year’s QR96.6 billion.
Net loans and advances reached QR58.2 billion, marking a 2.7 percent increase from the previous year. Private sector lending experienced a notable growth of 5.1 percent.
Customer deposits also saw a substantial rise, increasing by QR3.6 billion or 7.5 percent to reach QR52.2 billion compared to QR48.6 billion last year. The bank’s investment portfolio grew significantly, reaching QR30.1 billion, up by 20.3 percent year-on-year.
In terms of performance, the net operating income for the first quarter of 2024 stood at QR659.6 million, reflecting a 4.0 percent increase compared to the same period last year. These results indicate the bank’s continued growth and stability in serving its customers and contributing to the financial sector.
