The total income for the first six months of 2022 increased to QR2.1bn, resulting in a growth rate of 8% as compared to QR1.9bn during the same period in 2021. Considering strong income growth coupled with efficient cost management, more operational efficiency was achieved through reduction in cost-to-income ratio, which decreased to 25.1% in the first half of 2022 from 26.3% recorded in the same period last year.
Dukhan Bank’s total assets reached QR104bn in the first half of 2022 and customer financing assets stood at QR74bn in the first half of 2022, whereas customer deposits amounted to QR73bn at the end of June 30, 2022, ensuring financing to deposits ratio of about 100% reflecting effective and prudent liquidity management.
Total shareholders’ equity reached QR14bn and the total capital adequacy ratio was stable at 18.3% as of June 30, 2022, in accordance with the Basel-III requirements, while maintaining a sufficient buffer above the minimum supervisory ratio as specified by the Qatar Central Bank and Basel Standards.
Earnings per share went up by 21% to QR1.37 per share in 2022 from QR1.13 per share in 2021. The bank’s return on tangible equity (RoTE) increased to 12.7% in the first six months of 2022 as against 11.2% recorded during the same period in 2021, showing an increase of 14% while return on tangible assets (RoTA) increased by 12% to 1.4% during the first half of 2022 as compared to the same period last year.
It is worth noting that international rating agencies Fitch affirmed the bank’s rating at A- with a stable outlook and Moody’s affirmed the bank’s rating at A2/Prime-1 also with a stable outlook.
During the second quarter of 2022, Dukhan Bank went the extra mile to ensure its customers more convenient and seamless banking transactions with the introduction of many digital solutions. The bank became the first partner in Qatar to join Mastercard’s global Digital First Card programme. Through the programme, Dukhan Bank is now issuing digital prepaid cards as part of the bank's efforts to enhance customers’ experience.
Dukhan Bank has also launched its direct remittance service to India as part of its new bouquet of digital services. With the service, customers of the bank can now send remittances directly to India from Dukhan Bank’s app safely and securely within 60 seconds. This direct remittance service to India is launched within Dukhan Bank’s D-remit platform and will be further expanded to other countries with a host of remittance options for customers.
Moreover, in the first-of-its-kind among Qatari banks, Dukhan Bank unveiled ‘Investment Tracking’, an exceptional self-service feature to assist customers to view their investment portfolios with ease and comfort, at the same time providing real-time reporting and analysis on portfolio performance.
The first half of 2022 also witnessed the launch of D-Tap (SoftPOS with PIN acceptance), the new smart payment solution for merchants. This low-cost, maintenance-free solution allows merchants to accept payments through a variety of contactless-enabled cards and devices.
Dukhan Bank also unveiled the direct-to-account money transfer service with Western Union money transfer services through its online banking offering via web and app and its ATMs across the country. The service comes as an extension to Dukhan Bank’s existing ‘account-to-cash’ international remittances solution with Western Union to now include direct ‘account-to-account’ remittances.
In recognition of its excellent services and innovative idea in the banking industry, Dukhan Bank won several regional and international awards in the first half of 2022. Dukhan Bank received nine accolades at MEED’s Excellence Banking Awards 2022, which crowned Dukhan Bank’s distinguished efforts in providing private banking services and its leadership in enriching the digital banking experience for its customers with innovative solutions by awarding it nine accolades.
Dukhan Bank also won the Outstanding Innovation in Mobile Banking from Global Finance in The Innovators 2022 Awards for its mobile banking application ‘Dukhan Mobile’, which provides easy and convenient banking experience for customers. In addition, the bank received the World’s Best Islamic Private Bank award at Global Finance World’s Best Islamic Financial Institutions Awards for 2022.
Dukhan Bank’s total assets reached QR104bn in the first half of 2022 and customer financing assets stood at QR74bn in the first half of 2022, whereas customer deposits amounted to QR73bn at the end of June 30, 2022, ensuring financing to deposits ratio of about 100% reflecting effective and prudent liquidity management.
Total shareholders’ equity reached QR14bn and the total capital adequacy ratio was stable at 18.3% as of June 30, 2022, in accordance with the Basel-III requirements, while maintaining a sufficient buffer above the minimum supervisory ratio as specified by the Qatar Central Bank and Basel Standards.
Earnings per share went up by 21% to QR1.37 per share in 2022 from QR1.13 per share in 2021. The bank’s return on tangible equity (RoTE) increased to 12.7% in the first six months of 2022 as against 11.2% recorded during the same period in 2021, showing an increase of 14% while return on tangible assets (RoTA) increased by 12% to 1.4% during the first half of 2022 as compared to the same period last year.
It is worth noting that international rating agencies Fitch affirmed the bank’s rating at A- with a stable outlook and Moody’s affirmed the bank’s rating at A2/Prime-1 also with a stable outlook.
During the second quarter of 2022, Dukhan Bank went the extra mile to ensure its customers more convenient and seamless banking transactions with the introduction of many digital solutions. The bank became the first partner in Qatar to join Mastercard’s global Digital First Card programme. Through the programme, Dukhan Bank is now issuing digital prepaid cards as part of the bank's efforts to enhance customers’ experience.
Dukhan Bank has also launched its direct remittance service to India as part of its new bouquet of digital services. With the service, customers of the bank can now send remittances directly to India from Dukhan Bank’s app safely and securely within 60 seconds. This direct remittance service to India is launched within Dukhan Bank’s D-remit platform and will be further expanded to other countries with a host of remittance options for customers.
Moreover, in the first-of-its-kind among Qatari banks, Dukhan Bank unveiled ‘Investment Tracking’, an exceptional self-service feature to assist customers to view their investment portfolios with ease and comfort, at the same time providing real-time reporting and analysis on portfolio performance.
The first half of 2022 also witnessed the launch of D-Tap (SoftPOS with PIN acceptance), the new smart payment solution for merchants. This low-cost, maintenance-free solution allows merchants to accept payments through a variety of contactless-enabled cards and devices.
Dukhan Bank also unveiled the direct-to-account money transfer service with Western Union money transfer services through its online banking offering via web and app and its ATMs across the country. The service comes as an extension to Dukhan Bank’s existing ‘account-to-cash’ international remittances solution with Western Union to now include direct ‘account-to-account’ remittances.
In recognition of its excellent services and innovative idea in the banking industry, Dukhan Bank won several regional and international awards in the first half of 2022. Dukhan Bank received nine accolades at MEED’s Excellence Banking Awards 2022, which crowned Dukhan Bank’s distinguished efforts in providing private banking services and its leadership in enriching the digital banking experience for its customers with innovative solutions by awarding it nine accolades.
Dukhan Bank also won the Outstanding Innovation in Mobile Banking from Global Finance in The Innovators 2022 Awards for its mobile banking application ‘Dukhan Mobile’, which provides easy and convenient banking experience for customers. In addition, the bank received the World’s Best Islamic Private Bank award at Global Finance World’s Best Islamic Financial Institutions Awards for 2022.
