Doha Bank honored for its business strategy at World Business Outlook Awards

By Amirtha P S, Desk Reporter
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Doha Bank
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Doha Bank, one of the largest commercial banks in Qatar, has won the “Best Commercial Bank in Qatar 2021” at the World Business Outlook Awards 2021, in honor of its effective business strategy and the value it provides to its various stakeholders.

In 2021, Doha Bank has successfully completed a $500 million five-year senior unsecured bond at a yield of 2.431 percent per annum. The transaction was executed under the bank’s $2 billion EMTN issuance program, which is listed on the London Stock Exchange, UK.

The bank is also a leading provider of trade finance and supply chain solutions to its wholesale banking clients locally and in other markets across the Gulf Co-operation Council (GCC) region and internationally.

Commenting on the achievement the chief executive of Doha Bank  Dr. R Seetharaman stated that, the award is a reflection of Doha Bank’s leadership on sustainable growth while providing innovative offerings to our customers through digital technology. We are honored to have this prestigious accolade.

Currently, the wholesale banking group of the lender is going through a major restructuring process with unit being segregated into coverage, product and support teams.

The bank profit reported a net profit of $104.37 million in the first quarter of 2021, showing a year-on-year increase of 17.3 percent. The total shareholder’s equity reached $3.85 billion by end of the quarter, showing an increase of 15 percent.

The bank continued to strengthen its key capitalization ratios, where the total capital adequacy ratio of the bank increased to 19.7 percent at the end of March 2021.

Related: CBUAE & SAMA won Central Banking Magazine’s ‘2021 Global Impact Award’