Dukhan Bank Chairman Sheikh Mohammed bin Hamad bin Jassim Al Thani
Doha, Qatar: Dukhan Bank (“the Bank” or “the Group” when referred along with its subsidiaries; QSE Ticker: DUBK), announced its financial results for the year ended 31 December 2023 with a highest net profit amounting to QR1.3bn, representing a 4% growth compared to the last year.
Commenting on the achievements, Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman of Dukhan Bank, said: “At Dukhan Bank, we are excited about the continual attainment of exceptional results throughout 2023, contributing significant value to our customers, stakeholders, and the nation at large. Over the past year, we have reached noteworthy milestones, with our successful listing on the Qatar Stock Exchange (QSE) standing as a strong testament to the trust and confidence bestowed upon our institution by our shareholders. Additionally, our robust business models have showcased resilience in navigating many challenges, fortifying the overall stability of our institution.
At Dukhan Bank, our commitment to the future remains steadfast as we persist in investing in advanced digital capabilities to elevate our customer service and facilitate their banking requirements with greater ease. We take pride in our significant social contributions and the strides made in our sustainability journey, evident in various initiatives undertaken in both operations and corporate culture. These milestones position us to advance and emerge as leaders in the banking sector in Qatar.
Moving forward, we are committed to leveraging our core strengths to seek out new opportunities, cultivate innovation, and provide exceptional value to our shareholders. Simultaneously, we aim to expand our existing market share with a focus on sustainable growth.”
The Group reported a highest ever net profit of QR1.3bn with a year-on-year of growth 4%. This was mainly attributed to a rise in net income from financing activities, which led to an overall increase in total income for the Group which grew by 37%.
Further, improvement 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, despite persistently higher policy rates prevailed throughout the year.
Group’s total assets stood at QR114.4bn, which mainly comprise of financing assets of QR77.6bn (68% of total assets), followed by investment securities of QR20bn (17% of total assets).
The balance sheet is mainly funded by customer deposits, which were QR78bn as at end of the financial year. Group’s liquidity position remained robust with regulatory loans to deposit ratio of 98.1%. Total shareholders’ equity remained above QR12.9bn. The capital adequacy ratio (CAR) maintained at 17.2% in accordance with Basel III requirements, being adequately higher than the minimum supervisory ratio, as specified by the Qatar Central Bank.
After reviewing current year’s financial performance, with an assessment of the present and anticipated liquidity position, and taking into account the prevailing and future macroeconomic conditions along with the business outlook, the Board of Directors has recommended a 16% annual cash dividend distribution equivalent to QR0.16 per share.
Dukhan Bank boasts strategically positioned branches across the country, providing a comprehensive array of cutting-edge banking services and products.
This endeavor aims to enhance accessibility, streamline processes, and offer convenience to our expanding customer base. As part of our commitment to innovation, Dukhan Bank consistently introduces contemporary digital services and products, facilitating seamless banking transactions. A notable addition to our offerings is the recent launch of eco-friendly vehicle finance, incentivizing customers to invest in electric or hybrid vehicles with an attractive and competitive profit rate.
Furthermore, Dukhan Bank has introduced the Smart Kiosk, a self-service machine that simplifies and expedites the card printing process for clients in a secure manner. Additionally, we launched ‘Himyan’ prepaid card, the first Qatari national prepaid card, enabling both customers and visitors to make secure payments. Our commitment to technological advancements is further showcased through the unveiling of Apple Pay, Samsung Wallet, and Google Pay services, seamlessly operating via our contactless payment platform (D-Pay). Dukhan Bank takes pride in introducing the first prepaid digital card in Qatar on its mobile app, following our distinction as the initial partner in Qatar to join Mastercard’s global Digital First Card program. In line with our dedication to customer support, we have introduced “Rashid,” an AI-powered virtual assistant, available to assist customers across our digital platforms, mobile app, website, and WhatsApp.
Dukhan Bank has also undertaken the listing of its shares for trading on the Qatar Stock Exchange through a direct listing. This strategic move is in harmony with the bank’s long-term vision, aimed at inviting customers, shareholders, and eligible investors to be part of its pioneering journey. Dukhan Bank takes pride in offering an award-winning and comprehensive spectrum of banking services, spanning retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments, as well as wealth and asset management.
