Doha: The third largest bank in Qatar, Doha Bank, yesterday said it plans to issue senior debt bonds of $500 million (Dh1.83 billion) through its fully-owned Bermuda-based subsidiary in the first quarter of 2011.
In a statement following an ordinary general meeting (OGM) held recently, the bank said despite the uncertain economic climate following the global financial crisis, it has been able to make headway in profits and increased returns on assets and equity in the first nine months of 2010.
The OGM was held to discuss the issue of the senior debt bonds, among others.
The Bermuda-based Special Purpose Vehicle (SPV), which will issue the senior debt bonds have been incorporated to support the bank's market interventions to raise capital. The bonds and other market instruments will be guaranteed by Doha Bank.
The bank's chairman, Fahad Bin Mohammad Bin Jaber Al Thani, said that Doha Bank has been "able to endure and achieve high growth rates in most of the financial indicators."
Shareholders at the OGM were informed that the bank's net profit during the period ending November 30 grew 5.4 per cent. Return on average assets grew 2.6 per cent while return on average equity was up 22.4 per cent during the period.
Unprecedented reforms
"As you are all well aware of the fact that the implications of the global financial crisis was considerable and affected various economies of the world including the developed economies such as, Britain, France, Spain and other economic giants who are witnessing unprecedented reforms to emerge from this crisis and restore the situation to normality," he said, putting the bank's performance in perspective and highlighting its achievement.
The chairman congratulated the management team of the bank for their commitment and hard work in making the bank make progress during the hard times and maintain "the best levels of performance in the midst of fierce competition and the continued implications of the global financial crisis that shook various capital markets in the world since the beginning of the fourth quarter of 2008."
Doha Bank is the largest private commercial bank in Qatar. It was incorporated in 1978.
