The agency has assigned a positive rating (upgraded from stable) on the bank’s foreign currency outlook. The affirmation of ratings and the positive outlook reflect the bank’s strong retail franchise, growing international network, improving asset quality, strengthening capital adequacy and sound profitability.
The long and the short-term foreign currency (FC) ratings are also affirmed at “A” and “A2” respectively. The bank’s support rating was affirmed at ‘2’. Doha Bank chairman Sheikh Fahad bin Mohamed bin Jabor al-Thani said the ratings reflected the bank’s strengthening international presence and sustained profitability. He said the bank had achieved noticeable growth rates in all financial parameters.
Doha Bank Group CEO Dr R Seetharaman said it was the vision of the board of the bank to expand globally and set its international footprint. He said the bank has been able to “innovate and bring the most novel and state of the art” products to the market. Doha Bank “has been able to produce sustainable performance” and that continued in 2012 as well. The bank hence has been awarded by renowned financial sector analysts and companies for its pioneering role in financial services sector.
Doha Bank was established as a joint-stock company in 1979. Following a special issue of shares in 2009 and January 2011, the bank’s single largest shareholder is the Qatar Investment Authority with 16.66%. The lender is the third largest conventional bank in Qatar with total assets of $15.16bn as of end-2012. The bank recently concluded its right issue offer successfully.
In Qatar, Doha Bank operates a domestic network of some 32 full service branches. It has three overseas branches in Dubai, Abu Dhabi and Kuwait, as well as representative offices in the UK, Singapore, Turkey, China, Japan, South Korea, Germany and Australia.