Doha Bank CEO Says Worst of Virus, Oil-Shock Impact Is Over
Doha Bank QPSC said the worst of the shock from the coronavirus pandemic and a slump in oil prices has already been reflected on the Qatar lender’s balance sheet.
“We look forward to reset the button as and when the world reaches normalcy,” Chief Executive Officer Raghavan Seetharaman said in an interview on Bloomberg TV on Wednesday.
The lender on Tuesday reported a 3.5% decline in its net income for the first half of the year.
The CEO also said:
- “We have reasons to believe we will get support from the central bank” if needed because the lender has “enough tools” in its armory, including sovereign securities, to back a request.
- The firm’s dividend forecast “is in line with the projections of what we submitted. We are going to be conservative and cautious in terms of risk measurements.”
- The bank’s strategy to de-risk includes improving cost efficiency, focusing on using digital technology, restructuring debt and ensuring it has enough liquidity.
- 95% of Doha Bank’s lending will be in Qatar.
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