Mubasher: Fitch Ratings has affirmed Doha Bank’s (DB) Long Term Issuer Default Rating (IDR) at 'A'.

The rating reflects an extremely high probability of support from the Qatari government for banks operating in the domestic market if the need arises, the global credit rating agency said in a report on Tuesday.

“DB's 'bb+' VR continues to benefit from an established domestic franchise in Qatar, where it is the fifth-largest bank with market shares of about 6%-7% in loans and deposits at end-2017,” the report said.

Fitch's rating based on a strong track record of sovereign support to the banking sector during the period between 2009 and 2011.

DB’s net operating income rose 7.5% to QAR 2.9 billion, while the lender’s assets increased 3.5% to QAR 93.5 billion.

Net loans and advances inched up to QAR 59.8 billion for the year ended 31 December 2017, compared to QAR 59.2 billion a year earlier, DB’s CEO R. Seetharaman said, noting that customer deposits levelled up 6.7% to QAR 59.5.

For the full-year 2017, the Qatari bank’s profits slid 22.2% to QAR 1.05 billion, compared to QAR 1.35 billion during 2016.

By 11:25 am Qatar time, DB’s stock declined 0.69% at QAR 26.01.