(MENAFN - Gulf Times) Dukhan Bank has posted a first-quarter net profit of QR267mn, up 10.3% on the first quarter of 2020. The total assets of the bank, supported by financing activities, increased as well "significantly" to QR100.4bn, accomplishing a growth of 29.7% compared to the same period in 2020 and of 16.3% compared to December 2020.
The total financing assets reached QR75bn, achieving a growth of 38.3% compared to March 2020 and resulting in an increase of 28% compared to December 2020.
Customer deposits balance rose to QR68.3bn, recording a strong growth of 54.6% compared to March 2020 and an increase of 26.9% compared to December 2020.
Total income for the three-month period ending March 31 increased to QR946mn, registering a growth rate of 4.2% compared to QR908mn during the same period in 2020.
Total operating expenses were QR181mn for the three-month period ending March 31, down from QR185mn in the same period last year.
Considering strong operating income growth and cost reduction, more operational efficiency was achieved as evident through reduction in the cost-to-income ratio, which decreased from 34% to 26%.
Shareholders' equity rose to QR11.3bn and the total capital adequacy ratio was stable at 16.4% as of March 13 this year to meet the Basel-III requirements, while maintaining a sufficient buffer above the minimum supervisory ratio specified by the Qatar Central Bank and Basel Standards.
Moreover, Dukhan Bank has been affirmed rating of 'A' with a stable outlook by Fitch Ratings, and ‘A2/Prime-1' with a ‘stable' outlook by the international rating agency Moody's.
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