Qatar's Dukhan Bank net income grows 5.6% to $114mln in first quarter

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Qatar - Dukhan Bank earned total net income of QR414mn in the first quarter (Q1), up 5.6% on the first quarter of 2022.

The bank's total income increased by 33.8% to QR1.4bn, compared to QR1.1bn for the same period of 2022.

In addition, the bank continued on its conservative policy and provided QR144mn for financing assets impairment.

The bank's total assets amounted to QR102bn and the total financing assets stood at QR74bn, while customer deposits reached QR70bn.

Total shareholders’ equity exceeded QR14.7bn and the capital adequacy ratio stood at 18.8% in accordance with the Basel III requirements, comfortably higher than minimum supervisory ratio specified by the Qatar Central Bank and guidelines of the Basel Committee.

Leveraging a wide network of branches across the country, Dukhan Bank continues to provide an advanced portfolio of innovative banking services and products.

In an effort to make banking transaction more easily accessible, seamless and convenient for it growing customer base, Dukhan Bank has introduced various digital services and products such as the Apple Pay and Google Pay services, operating through its contactless payment platform (D-Pay), the first prepaid digital card in Qatar on its mobile app, as well as AI-powered virtual assistant ‘Rashid’ to assist customers virtually on its digital platforms, mobile app, website and WhatsApp.

Dukhan Bank is one of the fastest growing Islamic banks in Qatar and the region, licensed and regulated by the QCB. Recently, the bank listed its shares on the Qatar Stock Exchange through direct listing in line with its long-term strategy enabling customers, shareholders and eligible investors to join its pioneering journey.

The bank provides an award-winning and full range of Shariah-compliant banking services, including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments, wealth and asset management.

Dukhan Bank continues striving to maintain its position as an Islamic bank with integrated services and solutions. One of the most notable outcomes of the merger was strengthening the bank's capital position and improving its growth opportunities at various levels. Dukhan Bank’s efforts were crowned with several prestigious awards from Global Finance for the year 2022, including the “Best Digital Retail Bank”, “World’s Best Islamic Private Bank” and “Outstanding Innovation in Mobile Banking” awards.