Moody’s - Doha Bank Q.P.S

FINANCIAL INSTITUTIONS

CREDIT OPINION5 April 2020

Update

RATINGS

Doha Bank Q.P.S.CDomicile Qatar

Long Term CRR A3

Type LT Counterparty RiskRating - Fgn Curr

Outlook Not Assigned

Long Term Debt (P)Baa1

Type Senior Unsecured MTN- Fgn Curr

Outlook Not Assigned

Long Term Deposit Baa1

Type LT Bank Deposits - FgnCurr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Ortanza Sequeira +357.2569.3035Associate [email protected]

ConstantinosKypreos

+357.2569.3009

Senior Vice [email protected]

Henry MacNevin +44.20.7772.1635Associate Managing [email protected]

Doha Bank Q.P.S.CSummaryWe assign Baa1/Prime-2 deposit ratings to Doha Bank Q.P.S.C (DHBK). The deposit ratingsincorporate a four-notch uplift from the bank's ba2 Baseline Credit Assessment (BCA), basedon our assessment of a very high likelihood of support from the Government of Qatar (Aa3stable) in the event of need.

DHBK's ba2 BCA reflects its (1) weak asset quality and sustained high provisioning charges;(2) modest core capital adequacy and profitability; and (3) still-evolving corporategovernance structure, with dependence on key personnel. However, the BCA also reflects thebank's (1) deposit-funded profile, and (2) healthy liquidity buffers.

Exhibit 1

Rating Scorecard - Key financial ratios

4.6% 11.6%0.5%

31.6% 35.9%

0%

5%

10%

15%

20%

25%

30%

35%

40%

0%

2%

4%

6%

8%

10%

12%

14%

Asset Risk:Problem Loans/

Gross Loans

Capital:Tangible Common

Equity/Risk-WeightedAssets

Profitability:Net Income/

Tangible Assets

Funding Structure:Market Funds/

Tangible BankingAssets

Liquid Resources:Liquid BankingAssets/TangibleBanking Assets

Solvency Factors (LHS) Liquidity Factors (RHS)

Doha Bank Q.P.S.C (BCA: ba2) Median ba2-rated banks

So

lve

ncy F

acto

rs

Liq

uid

ity F

acto

rs

These represent our Banks rating methodology scorecard ratios, whereby asset-risk and profitability ratios reflect the weakerof either the latest reported or three-year average ratios. Capital ratio is the latest reported figure. Funding structure and liquidresources ratios reflect the latest year-end figures.Source: Moody's Investors Services

http://www.surveygizmo.com/s3/1133212/Rate-this-research?pubid=PBC_1219911

https://www.moodys.com/credit-ratings/Doha-Bank-QPSC-credit-rating-600019325

https://www.moodys.com/credit-ratings/Qatar-Government-of-credit-rating-600048045

MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit strengths

» Sound funding profile, with deposits constituting 61% of non-equity funding

» Healthy liquidity reserves

» Our assessment of a very high probability of government support from the Qatari authorities

Credit challenges

» Weak asset quality with high borrower and sector concentrations

» Modest core capital adequacy and profitability

» Still-evolving corporate governance structure, with dependence on key personnel

OutlookThe stable outlook on DHBK’s long-term ratings captures our expectation that the bank’s lower standalone level of ba2 balances thebank’s sound liquidity profile against its weak asset quality and modest core capital and profitability.

In addition, the stable outlook takes into account DHBK’s asset recovery efforts and overall strategic decision to shift lending andinvestment activities towards the lower-risk public sector in Qatar.

Factors that could lead to an upgrade

» Upward pressure on DHBK's ratings could materialise in the event of a significant reduction in the bank’s risk profile withimprovements in asset quality combined with sustainably higher profitability as well as higher core capital buffers.

Factors that could lead to a downgrade

» Downward rating pressure on DHBK could materialise in the event of (1) sustained profitability pressures: (2) further deterioration inasset quality; (3) a decline in core equity buffers; (4) and/or a material weakening in the bank's funding and liquidity profile.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 5 April 2020 Doha Bank Q.P.S.C: Update following rating action


Key indicators

Exhibit 2

Doha Bank Q.P.S.C (Consolidated Financials) [1]

12-192 12-182 12-172 12-162 12-152 CAGR/Avg.3

Total Assets (QAR Million) 108,208.4 96,132.4 93,495.3 90,364.9 83,288.9 6.84

Total Assets (USD Million) 29,719.4 26,400.9 25,671.4 24,816.0 22,867.1 6.84

Tangible Common Equity (QAR Million) 9,162.9 8,960.5 10,874.6 9,483.9 9,456.8 (0.8)4

Tangible Common Equity (USD Million) 2,516.6 2,460.8 2,985.9 2,604.5 2,596.4 (0.8)4

Problem Loans / Gross Loans (%) 4.6 4.9 2.9 2.5 2.6 3.55

Tangible Common Equity / Risk Weighted Assets (%) 11.6 11.6 13.8 11.9 11.8 12.16

Problem Loans / (Tangible Common Equity + Loan Loss Reserve) (%) 24.1 23.2 13.7 13.6 13.6 17.65

Net Interest Margin (%) 1.7 2.0 2.2 2.1 2.3 2.15

PPI / Average RWA (%) 2.0 1.9 2.0 1.8 2.1 2.06

Net Income / Tangible Assets (%) 0.5 0.6 1.0 0.9 1.4 0.95

Cost / Income Ratio (%) 39.5 40.3 40.7 43.4 40.1 40.85

Market Funds / Tangible Banking Assets (%) 31.6 26.7 18.6 21.5 17.7 23.25

Liquid Banking Assets / Tangible Banking Assets (%) 35.9 34.7 33.0 31.1 30.1 33.05

Gross Loans / Due to Customers (%) 120.6 116.1 104.5 109.7 108.6 111.95

[1]All figures and ratios are adjusted using Moody's standard adjustments. [2]Basel III - fully-loaded or transitional phase-in; IFRS. [3]May include rounding differences due to scaleof reported amounts. [4]Compound Annual Growth Rate (%) based on time period presented for the latest accounting regime. [5]Simple average of periods presented for the latestaccounting regime. [6]Simple average of Basel III periods presented.Source: Moody's Investors Service; Company Filings

ProfileDoha Bank Q.P.S.C (DHBK) provides retail, wholesale and international banking services, as well as treasury and investment productsand services, to clients in Qatar, in countries of the Gulf Cooperation Council (GCC), Europe and Asia, and in several other countries. Asof 31 December 2019, DHBK operated through a network of 24 local branches and six international branches — in the UAE (Dubai andAbu Dhabi), India (Mumbai, Chennai and Kochi) and Kuwait — and representative offices in the UK, Germany, Turkey, Singapore, China,South Korea, Japan, Hong Kong, Australia, South Africa, Canada, Sri Lanka, Nepal and Bangladesh.

As of 31 December 2019, DHBK was the third-largest conventional bank in Qatar, with market share of around 7.0% in terms of assets.The bank also held a 6.8% share in terms of total loans. As of the same date, the bank had total consolidated assets of QAR108.2billion ($29.7 billion).

DHBK was incorporated in Qatar on 15 March 1979, and its ordinary shares are listed on the Qatar Stock Exchange (ticker: DHBK). Asof 31 December 2019, the bank's largest shareholder was Qatar Holding LLC (a subsidiary of the Qatar Investment Authority), whichowned 17.15% of its total share capital.

For more information about the bank, visit Company Profile: Doha Bank Q.P.S.C.

Detailed credit considerationsBottom-line profitability pressured by tighter margins and a high cost of riskDHBK's net profit declined by around 9% in 2019 (-25% in 2018), which translated into a decline in its reported net income to tangibleassets ratio to 0.7%1 in 2019 (0.9% in 2018) against a local system average at 1.4%. The bank's bottom-line profitability has been ona deteriorating trend for several years, due largely to pressure on its net interest margin (NIM), as well as higher provisions because ofworsening asset quality. The bank's NIM declined to 1.7% in 2019 (2.0% in 2018) from 3.2% in 2012, reflecting relatively tight domesticliquidity conditions in Qatar, with higher funding costs outstripping asset repricing efforts. Also, the bank’s cost of risk as measured byits loan-loss provisions to gross loans ratio increased to 1.6% in 2019 from 1.4% in 2018, reflecting a steady asset quality deterioration.

We expect profitability to remain subdued at current levels against a backdrop of (1) low interest rates coupled with domestic fundingconditions remaining relatively tight, which will maintain subdued NIMs; and (2) weak asset quality as the bank continues to remainexposed to pockets of asset risk in a softer economic context, maintaining a high cost of risk, with additional downside risk from thecoronavirus outbreak. Additionally, Moody’s expects that the bank’s profitability will be constrained by a strategic shift to focus lending


https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1179539


towards lower yielding government related business amid a highly competitive operating environment, however, this will also help de-risk DHBK’s loan book at the same time.

Exhibit 3

Profitability declining since 2012 and remains under pressure

3.0%2.7%

2.4%2.0%

1.7% 1.7%1.6% 1.6%

2.4%

2.0%

1.6%

1.4%

0.9% 1.0%

0.6%0.5%

3.2%3.1%

2.6%

2.4%

2.1% 2.2%

2.0%

1.7%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2012 2013 2014 2015 2016 2017 2018 2019

Pre Provision Income / Average Total Assets Return on Assets Net Interest Margin

Sources: Bank's financial statements and Moody's Investors Service

Weak asset qualityDHBK's weak asset quality is largely driven by sectors such as construction, contracting and services, because of softer operatingconditions in those segments in Qatar as well as by non-performing exposures in the United Arab Emirates and Kuwait. As at December2019, the bank's problem loan ratio deteriorated to 4.6% (2.9% as of December 2017) against at local average of around 1.9%.

With a stage 2 balance under IFRS 9 accounting standards (which include past due but not impaired loans over 90 days) of 27% oftotal loans as at December 2019, driven by a significant increase in restructurings and given the bank's high concentration to theconstruction and contracting sectors (110% of common equity tier 1 capital in 2019), it is likely that part of that amount will berecognised as impaired, leading to further deterioration in asset quality.

Although, the low asset quality is mitigated by high non-performing loan-loss coverage at 131% as at December 2019 (down from146% as of December 2018), total loss-absorption capacity at DHBK has weakened, with problem loans accounting for 23.8% ofshareholders' equity and loan-loss reserves as of December 2019 (23.6% as of December 2018), up from 13.7% in 2017.

Over the next 12 to 18 months, we expect the bank's asset quality will remain weak, given its recent rapid loan restructurings andstill high asset concentration to softening segments of the Qatari economy as well as the potential of further downside risk from theongoing coronavirus outbreak. Still, asset recovery efforts are expected to withstand some of this downside risk while greater exposureto lower-risk public sector entities will mitigate worsening in asset quality.



Exhibit 4

Doha Bank asset quality and loss-absorption capacity

3% 3% 3% 3% 3% 3% 5% 5%

10% 11%12%

14% 14% 14%

24% 24%

0%

5%

10%

15%

20%

25%

0%

1%

2%

3%

4%

5%

6%

2012 2013 2014 2015 2016 2017 2018 2019

Problem Loans / Gross Loans - left axis Problem Loans / (Shareholders' Equity + Loan Loss Reserves) - right axis

Sources: Bank's financial statements and Moody's Investors Service

Modest core capital adequacy and profitabilityDHBK's core capital adequacy has remained modest since the implementation of IFRS 9 accounting standards, on the back of high netloan growth during 2019 (+10% year on year) and subdued profitability. Although, the bank reduced its dividend payout policy in 2018and decided to fully retain profits in 2019, DHBK’s tangible common equity (TCE) to risk-weighted assets (RWA) remains at a modest11.6% as of December 2019 (unchanged from 2018) compared to a local average of 15.1%. Also, in line with the above mentioned assetquality weakening, the bank’s stage 3 provisioning coverage has declined to 86% (98% in 2018) in conjunction with a high stage 2 loanbalance. In order to strengthen regulatory buffers, the bank is planning to issue additional Tier 1 and Tier 2 capital during 2020.

Going forward DHBK's regulatory capital ratios will continue to exceed regulatory minimums with a total capital ratio of 17.8% in 2019(17.0% as of December 2018) and are expected to benefit from planned additional Tier 1 and Tier 2 capital issuances. We howeverexpect core capital ratios to remain at current modest levels as the bank's more capital efficient expected loan growth into the publicsector space is offset by subdued profitability presenting limited scope for capital retention capacity.

Healthy liquidity buffers moderate increasing reliance on market fundingDHBK has high liquidity buffers, with around 36% of tangible banking assets in the form of liquid instruments as at December 2019(35% in 2018) - a level that has remained stable since 2017 as the outflows observed during the beginning of the blockade werelargely offset by inflows from the Qatari government and related entities. This cushion helps moderate the risks related to the bank'sincreasing reliance on confidence-sensitive market funding, which constituted 31.7% of its tangible banking assets as of December2019 (27% in 2018). Still, the bank's liquidity buffers would likely decline as the bank grows its lending book and domestic fundingsources remain tight.

The bank’s reliance on external funding in 2019 has returned to pre-blockade levels, however, it remains well diversified geographicallyand across different funding products (including interbank lending facilities from international institutions, non-resident deposits anddebt issuances). DHBK remains largely deposit funded, with customer deposits contributing around 61% of non-equity funding asof December 2019. Although coming down to around 41% of total deposits as at December 2019 (51% in 2018), government andgovernment-related entities' deposits continue to represent - in line with other Qatari banks - a sizeable portion of the bank's depositbase, making it vulnerable to event risk.

Corporate governance structure is still evolving, with dependence on key personnelDHBK's overall risk profile remains constrained by its dependence on key personnel, underpinning our one-notch qualitative adjustmentfor Corporate Behaviour in the bank’s standalone assessment. In recent years, the bank has hired experienced bankers heading keybusiness units, however, senior management turnover remains high.



ESG considerationsIn line with the banking sector, DHBK has a low exposure to environmental risks, because direct lending to the hydrocarbon sector isfairly limited. However, given the sizeable contribution of the hydrocarbon industry to the economy, the bank’s indirect exposure to thehydrocarbon sector may increase its vulnerability to environmental risks. See our environmental risk heat maps for further information.

The most relevant social risks for banks arise from the way they interact with their customers. Social risks are particularly high in thearea of data security and customer privacy, which are partly mitigated by sizeable technology investments and banks’ long track recordof handling sensitive client data. Fines and reputational damage because of product mis-selling or other types of misconduct are othersocial risks. Social trends are also relevant in a number of areas, such as shifting customer preferences towards digital banking servicesincreasing information technology cost, ageing population concerns in several countries affecting the demand for financial services orsocially driven policy agendas translating into regulations that affect banks’ revenue base. Overall, we expect banks to face moderatesocial risks. See our social risk heat maps for further information.

Corporate governance weaknesses can lead to a deterioration in a bank’s credit quality, while governance strengths can benefit itscredit profile. Governance risks are largely internal rather than externally driven. Governance is highly relevant for the bank, as it is to allbanks operating in the Gulf Cooperation Council (GCC). In the GCC, governments, along with government-related issuers, tend to havea large footprint on the overall economy. Consequently, they are often among the largest borrowers, depositors and — in some cases— shareholders in the banks across the GCC. For DHBK and other GCC banks, corporate governance remains a key credit considerationand requires constant monitoring.

Our approach to ESG considerations is explained in more detail in our report Banking - Global: The impact of environmental, social andgovernance risks on bank ratings and our cross-sector rating methodology General Principles for Assessing Environmental Social andGovernance Risks.

Support and structural considerationsGovernment support considerationsDHBK’s Baa1 deposit ratings takes into account Moody’s continued view of a very high probability of support from the Qatariauthorities in case of need translating into four notches of uplift from its ba2 BCA. This uplift is based on (1) the bank's importanceto the local financial system (with a market share of around 7% in deposits); (2) the demonstrated willingness and capacity of theQatari government to provide support to local banks through capital injections and the purchase of real estate and equity investmentportfolios from banks in the past; and (3) the government's 17.15% shareholding in DHBK.

Counterparty Risk (CR) AssessmentCR Assessments are opinions of how counterparty obligations are likely to be treated if a bank fails and are distinct from debt anddeposit ratings in that they (1) consider only the risk of default rather than the likelihood of default and the expected financial losssuffered in the event of default, and (2) apply to counterparty obligations and contractual commitments rather than debt or depositinstruments. The CR Assessment is an opinion of the counterparty risk related to a bank's covered bonds, contractual performanceobligations (servicing), derivatives (for example, swaps), letters of credit, guarantees and liquidity facilities.

DHBK's CR Assessment is positioned at A3(cr)/P-2(cr)The CR Assessment of A3(cr)/P-2(cr) for DHBK also benefits from government support, in line with our support assumptions ondeposits and senior unsecured debt. This reflects our view that any support provided by government authorities to a bank, whichbenefits senior unsecured debt or deposits, is very likely to benefit operating activities and obligations reflected by the CR Assessmentsas well, consistent with our belief that governments are likely to maintain such operations as a going concern to reduce contagion andpreserve a bank's critical functions. As a result, the CR Assessment is one notch higher than the bank's deposit rating.

Counterparty Risk Ratings (CRRs)CRRs are opinions of the ability of entities to honour the uncollateralised portion of non-debt counterparty financial liabilities (CRRliabilities) and also reflect the expected financial losses in the event such liabilities are not honoured. CRR liabilities typically relate totransactions with unrelated parties. Examples of CRR liabilities include the uncollateralised portion of payables arising from derivativestransactions and the uncollateralised portion of liabilities under sale and repurchase agreements. CRRs are not applicable to funding









commitments or other obligations associated with covered bonds, letters of credit, guarantees, servicer and trustee obligations, andother similar obligations that arise from a bank performing its essential operating functions.

DHBK's CRRs are positioned at A3/P-2We consider Qatar a jurisdiction with a nonoperational resolution regime. For nonoperational resolution regime countries, the startingpoint for the CRRs is one notch above the bank's Adjusted BCA. However, the CRRs of DHBK benefit from four notches of governmentuplift, based on our assessment of a very high probability of government support.

Source of facts and figures cited in this reportUnless noted otherwise, data related to systemwide trends is sourced from the central bank. Bank-specific figures originate from thebank's reports and Moody's Banking Financial Metrics. All figures are based on our own chart of account and may be adjusted foranalytical purposes. Please refer to the document Financial Statement Adjustments in the Analysis of Financial Institutions publishedon 9 August 2018.

About Moody's Bank ScorecardOur scorecard is designed to capture, express and explain in summary form our Rating Committee's judgement. When read inconjunction with our research, a fulsome presentation of our judgement is expressed. As a result, the output of our scorecardmay materially differ from that suggested by raw data alone (though it has been calibrated to avoid the frequent need for strongdivergence). The scorecard output and the individual scores are discussed in rating committees and may be adjusted up or down toreflect conditions specific to each rated entity.




Rating methodology and scorecard factors

Exhibit 5

Doha Bank Q.P.S.C

Macro FactorsWeighted Macro Profile Strong - 100%

Factor HistoricRatio

InitialScore

ExpectedTrend

Assigned Score Key driver #1 Key driver #2

SolvencyAsset RiskProblem Loans / Gross Loans 4.6% baa3 ↓↓ ba3 Single name

concentrationSector concentration

CapitalTangible Common Equity / Risk Weighted Assets(Basel III - transitional phase-in)

11.6% baa3 ←→ baa3 Expected trend

ProfitabilityNet Income / Tangible Assets 0.5% ba2 ←→ ba1 Expected trend

Combined Solvency Score baa3 ba1LiquidityFunding StructureMarket Funds / Tangible Banking Assets 31.6% ba2 ←→ ba2 Expected trend

Liquid ResourcesLiquid Banking Assets / Tangible Banking Assets 35.9% a3 ←→ baa2 Stock of liquid assets Asset encumbrance

Combined Liquidity Score baa3 ba1Financial Profile ba1Qualitative Adjustments Adjustment

Business Diversification 0Opacity and Complexity 0Corporate Behavior -1

Total Qualitative Adjustments -1Sovereign or Affiliate constraint Aa3BCA Scorecard-indicated Outcome - Range ba1 - ba3Assigned BCA ba2Affiliate Support notching 0Adjusted BCA ba2

Instrument Class Loss GivenFailure notching

Additionalnotching

Preliminary RatingAssessment

GovernmentSupport notching

Local CurrencyRating

ForeignCurrency

RatingCounterparty Risk Rating 1 0 ba1 4 A3 A3Counterparty Risk Assessment 1 0 ba1 (cr) 4 A3(cr)Deposits 0 0 ba2 4 Baa1 Baa1Senior unsecured bank debt 0 0 ba2 4 (P)Baa1Dated subordinated bank debt -1 0 ba3 2 (P)Ba1[1]Where dashes are shown for a particular factor (or sub-factor), the score is based on non-public information.Source: Moody’s Investors Service



Ratings

Exhibit 6

Category Moody's RatingDOHA BANK Q.P.S.C

Outlook StableCounterparty Risk Rating A3/P-2Bank Deposits Baa1/P-2Baseline Credit Assessment ba2Adjusted Baseline Credit Assessment ba2Counterparty Risk Assessment A3(cr)/P-2(cr)Senior Unsecured MTN (P)Baa1Subordinate MTN (P)Ba1

DOHA FINANCE LIMITED

Outlook StableBkd Sr Unsec MTN (P)Baa1Bkd Subordinate MTN (P)Ba1

Source: Moody's Investors Service

Endnotes1 When Moody's adjusted for AT1 dividend distributions this ratio is at 0.5%. Doha Bank's AT1 securities do not carry any explicit and mandatory point of

non viability trigger, which is at the discretion of the local regulator and hence are not accounted for as core equity in Moody's core capital calculations.



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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and servicesrendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1219911


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