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Doha Bank sees 8-10pc profit growth

Dubai, November 22, 2011

Doha Bank, Qatar's fifth largest bank by market capitalisation, sees a profit growth of 8 to 10 percent next year and is looking at options to sell its Islamic finance division, its deputy chief financial officer said on Tuesday.

"Our profit growth will be in line with the market...2012 will be bit quiet," Sanjay Jain, deputy chief financial officer for Doha Bank told reporters on the sidelines of a conference in Dubai.

"It will not be robust, but a year of consolidation."     

In February, Qatar's central bank asked conventional lenders to close down their Islamic operations amid worries of overlap between the two.

Jain said there is still a lack of clarity on the issue but the bank is reviewing options regarding the sale of its Islamic unit.

"We are looking at options to sell the Islamic division. There is still a lack of clarity on the issue. We will continue to service our existing customers on the Islamic side."     

The lender announced its plans earlier this year to go ahead with a $500 million bond issuance in the first quarter of 2012. It had mandated Morgan Stanley and JP Morgan to arrange the issue. 

"We may roadshow for the bond in the first week of December or the next quarter depending on market conditions," said Jain. The bank posted a 9.8 percent rise in third-quarter net profit in October, buoyed by an increase in net interest income and a drop in the amount set aside to meet loans and investment losses.  - Reuters




Tags: Qatar | Doha Bank | growth |

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