Standard & Poor's Rating Services have reaffirmed it's 'A-/A-2' Long and Short-Term Counterparty Credit Ratings to Doha Bank. The rating agency also reaffirmed Doha Bank's outlook as 'Stable'. In a recent statement released by the acclaimed rating agency, it observed that 'the stable outlook mainly reflects Doha Bank's good market position, strong financial performance and strong market capitalization'.
Justifying by the sustainable ratings, the global rating agency observed that Doha Bank's financial performance is stellar with ample margins, strong efficiency, and low cost of risk supporting its sustainable profitability. The non-performing loan ratio being in line with the regional average along with good liquidity and the recently concluded oversubscribed rights issue reflecting on the sound capital adequacy ratio was highlighted by the global rating agency in the report.
The global rating agency concluded that the 'Stable' Outlook on the Bank reflecting the strong shareholding structure, Bank's commitment to consistently increase the capital during the last three years and the support the bank is receiving from the Qatari Authorities given the systemic importance of being the third largest bank in Qatar.
Sheikh Fahad Bin Mohammed Bin Jabor Al-Thani, Chairman Doha Bank while expressing his happiness said, 'The ratings affirmation demonstrates the solid franchise and the strong financial fundamentals of our bank in meeting the ever-growing requirements of its stakeholders both in the local and the international arena'.
Sheikh Abdul Rehman Bin Mohammed Bin Jabor Al-Thani, Managing Director Doha Bank while expressing his happiness said 'The strategic vision of the Board to converge Doha Bank as one-stop financial service provider is getting build strongly; and indeed performance, innovation, security and quality are the hallmarks of Doha Bank's sustaining performance truly recognized by the internationally acclaimed rating agencies'.
Mr. R. Seetharaman, Chief Executive Officer Doha Bank while expressing his happiness said 'Doha Bank on being recognized with Brand Leadership Award in the 17th Asia Brand Congress confirms our strong brand equity founded on the core principles of innovation, performance and productivity. The ratings affirmation by Standard & Poor's on Doha Bank is a strong testimony to our stakeholders' confidence'.
© 2008 Mena Report (www.menareport.com)
