Dukhan Bank, one of the fastest growing banks in Qatar and the region, has reported a nine-month net profit of QR1.1bn (up to September this year), representing a 2.5% growth compared to the same period in 2022.
The net earnings growth was attributed to the rise in net income from financing, which led to an overall 38.5% increase in total income for the group. Further decline in net impairment charge owing to better recoveries, also supported the bottom-line profitability on an overall basis.
Net profit margins for the group remained "resilient" and stood around 2.5% level, despite persistently higher policy rates prevailed throughout the period.
Total assets stood at QR113bn, which mainly comprised financing assets of QR76bn (67.3% of total assets), followed by investment securities of QR19bn (17.2% of total assets).
The balance sheet is mainly funded by customer deposits, which were valued at QR77bn at end of the reporting period.
The group's liquidity position remained robust with regulatory loans-to-deposit ratio of 96.5%. Total shareholders’ equity remained above QR12.7bn, and the capital adequacy ratio was maintained at 17.7% in accordance with Basel III requirements, adequately higher than the minimum supervisory ratio as specified by the Qatar Central Bank.
Dukhan Bank continues to launch modern digital services and products to enable customers to continue their banking transactions on the go, such as the recently introduced first eco-friendly vehicle finance to encourage customers to purchase electric or hybrid vehicles with a competitive profit rate.
The lender also introduced Smart Kiosk, a self-service machine that allows clients to print their cards in a faster and more secure way through simple steps; launched ‘Himyan’ prepaid card, the first Qatari national prepaid card that enables customers and visitors to make secure payments; unveiled Apple Pay, Samsung Wallet and Google Pay services, operating through its contactless payment platform (D-Pay), the first prepaid digital card in Qatar on its mobile app after becoming the first partner in Qatar to join Mastercard's global Digital First Card programme.
The bank also introduced AI-powered virtual assistant "Rashid" to assist customers virtually on its digital platforms, mobile app, website and WhatsApp.
Dukhan Bank recently listed its shares on the Qatar Stock Exchange through direct listing in line with its long-term strategy to allow customers, shareholders and eligible investors to join its pioneering journey.
The bank provides full range of banking services, including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments, wealth and asset management.
Dukhan Bank continues to receive international accolades and prestigious awards.
Within the first half of 2023, Dukhan Bank has won several awards, including the ‘Most Transformed Islamic Bank in Qatar 2023’ from Euromoney’s Islamic Finance Awards 2023 and four laurels at the MENA Banking Excellence Award 2023, winning the Best Private Bank – Qatar, the Best Multi-Channel Offering, the Excellence in Omni-Channel Integration, and the MENA Private Banker of the Year – Chaouki Daher.
Dukhan Bank continues to launch modern digital services and products to enable customers to continue their banking transactions on the go, such as the recently introduced first eco-friendly vehicle finance to encourage customers to purchase electric or hybrid vehicles with a competitive profit rate.
