Dukhan Bank reports net profit of $116.20mln for first quarter

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Doha, Qatar: Dukhan Bank, announced its financial results for the three-month period ended 31 March 2024 with a net profit amounting to QR423m, representing a 2% growth compared to the last year.

The Group reported a net profit of QR423m for the first three months of 2024, reflecting a 2% year-on-year growth. This growth in bottom-line profitability underpinned by a 20% increase in net income from financing activities, and a 49% rise in net income from investing activities. Consequently, leading to an overall rise in total income for the Group which grew by 15%.

The Group maintained its efforts to enhance operational efficiency, coupled with building on revenue sources, leading to a cost to income ratio of 29.8%.

The Group’s total assets stood at QR112.9bn, which mainly comprise of financing assets of QR80.9bn (71.6% of total assets), followed by investment securities of QR17.2bn (15.3% of total assets).

The balance sheet is mainly funded by customer deposits, which were QR78.5bn as at end of the financial period. Group’s liquidity position remained robust with regulatory loans to deposit ratio of 101.7%. Total shareholders’ equity remained above QR12.5bn. The capital adequacy ratio (CAR) maintained at 18.2% in accordance with Basel III requirements, being adequately higher than the minimum supervisory ratio, as specified by the Qatar Central Bank.

Dukhan Bank is committed to continued innovation, consistently introducing new digital services and products to further facilitate seamless banking transactions. With strategically positioned branches across the country, the Bank provides an array of cutting-edge banking services and products that aim to enhance accessibility, streamline processes, and offer convenience to our expanding customer base.

Additionally, Dukhan Bank has introduced ‘Fawran’, a service to facilitate instantly sending and receiving money in Qatar. The Bank also launched the Smart Kiosk, a self-service machine that securely simplifies and expedites the card printing process for clients, and launched ‘Himyan’ prepaid and debit card which enables both new and existing bank customers to make secure local payments across the country. Apple Pay, Samsung Wallet, and Google Pay services can now all be operated seamlessly via our contactless payment platform (D-Pay), and Dukhan Bank proudly introduced the first prepaid digital card in Qatar on its mobile app as part of our distinction as the initial partner in Qatar to join Mastercard’s global Digital First Card program. In our ongoing commitment to delivering swift and efficient services to our customers, we’ve introduced a new feature; instant finance for pre-approved customers through the Dukhan Mobile.