Dukhan Bank AGM approves 16% cash dividend for shareholders

Dukhan Bank’s annual general meeting last night approved a 16% cash dividend for shareholders, which is equivalent to QR0.16 per share.Dukhan Bank said dividends to shareholders will be distributed from March 25 and will be deposited directly into the bank accounts of the shareholders whose details are registered with Qatar Central Securities Depository.The ordinary and extraordinary annual general meeting, which was held via video conference was chaired by Dukhan Bank chairman Sheikh Mohammed bin Hamad bin Jassim al-Thani.During the AGM, all the items on the agenda were discussed, including listening to and endorsing the Board of Director's Report on the results of the Bank and financial statements for 2023 and discussion of the plan for the year 2024.The meeting addressed the Dukhan Bank Governance Report for 2023 and approved the corporate governance related policies.Sheikh Mohammed presented a comprehensive report on the bank’s activities and financial outlook, highlighting the most significant results achieved in 2023. The bank recorded a "historic” net profit of QR1.3bn, representing an increase of 4% compared to 2022 with an earning per share of QR0.237 per share after considering nominal value of QR1 per share, while the total income for the year increased to QR6.1bn, showing a significant double-digit growth of 37% from last year.While net income from financing activities grew to QR4.7bn, marking year-on-year growth of 45%, the bank’s total assets reached QR114bn and financing assets increased to QR77.5bn with a growth of 3% over 2022.Dukhan Bank’s total equity soared to QR12.9bn, showing a growth of 3%. The total capital adequacy ratio was 17.2% in December 2023, in accordance with Basel III and QCB guidelines, showing strong and well capitalised position of the bank.Return on equity and assets were 11% and 1.2% respectively for 2023.These encouraging financial results is a reflection of the bank’s sustained strong performance, its leading position in the Qatari market and the integrity of the risk management systems it follows.Sheikh Mohammed emphasised that the bank's outstanding performance results from a steadfast commitment to the future and investments in advanced digital capabilities, enhancing customer service and streamlining banking processes.He highlighted the bank's successful listing on the Qatar Stock Exchange (QSE) as a strong testament to shareholders' trust and confidence.Sheikh Mohammed pointed out the bank's resilient business models that have effectively navigated challenges, reinforcing the institution's overall stability.The bank has also made substantial social contributions and significant strides in sustainability initiatives, both in operations and corporate culture, positioning itself as a leader in Qatar's banking sector.He affirmed the bank's dedication to leveraging core strengths for discovering new opportunities, fostering innovation, and delivering exceptional value to shareholders. Simultaneously, the bank aims to expand its market share with a focus on sustainable growth.Dukhan Bank persistently advances its digital transformation journey by strategically situating branches throughout the country, offering a comprehensive range of state-of-the-art banking services and products. This initiative is geared towards improving accessibility, streamlining processes, and providing convenience to a growing customer base.A noteworthy expansion to the bank's portfolio is the recent introduction of eco-friendly vehicle finance, encouraging customers to invest in electric or hybrid vehicles with an appealing and competitive profit rate.This move exemplifies Dukhan Bank's commitment to environmentally conscious initiatives while maintaining a focus on providing innovative financial solutions.Moreover, Dukhan Bank has implemented ‘Smart Kiosk’, a self-service machine designed to simplify and expedite the card printing process for clients securely.The introduction of the 'Himyan' prepaid card, the first Qatari national prepaid card, empowers both customers and visitors to make secure payments.Demonstrating a commitment to technological advancements, Dukhan Bank has unveiled Apple Pay, Samsung Wallet, and Google Pay services, seamlessly integrated into the bank’s contactless payment platform (D-Pay).Dukhan Bank introduced the first prepaid digital card in Qatar through its mobile app, building on the distinction of being the initial partner in Qatar to join Mastercard's global Digital First Card programme.Aligning with the bank’s dedication to customer support, the AI-powered virtual assistant ‘Rashid’ was introduced. This virtual assistant is available across digital platforms, including the mobile app, website, and WhatsApp, providing assistance to customers.Furthermore, Dukhan Bank has initiated the listing of its shares for trading on the Qatar Stock Exchange through a direct listing. This strategic decision aligns seamlessly with the bank's long-term vision, extending an invitation to customers, shareholders, and eligible investors to actively participate in its pioneering journey. Dukhan Bank takes pride in providing an award-winning and comprehensive range of banking services that encompass retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments, as well as wealth and asset management.