Doha Bank
Upstart Doha Bank has wrested the crown from Qatar National Bank, the nation’s largest, owing to an excellent performance in 2002 that was greatly helped by a technology-driven retail strategy.
Under the strategy, Doha Bank has modernised its network of 62 cash machines, the largest of any bank in Qatar, to include utility bill payment options and multi-currency dispensation. The initiative has proven to be a huge success – transactions on its machines increased by at least 85% this year alone.
The bank is the only institution in the country that offers banking services via mobile phone. The technology is so sophisticated that customers can now track their investment portfolios via their handset.
The successful strategy has had a positive effect on the bank’s performance. In 2002, Doha Bank boosted net profit by 71% and achieved an ROE of 23% – an improvement on 2001 of 8%.
“The favourable economic environment in Qatar and the technological initiatives have indeed provided Doha Bank with a strong platform to achieve its corporate objectives and transform it into a leading bank in the region,” said Sheikh Fahad Bin Mohammad Bin Jabor Al Thani, the bank’s chairman. “We have a focused vision to be customer centric world class financial services provider and we are committed to provide best value to all our stakeholders.”
