(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Dukhan bank (“the Bank” or“the Group” when referred along with its subsidiaries; QSE Ticker: DUBK), announced its financial results for the nine-month period ended 30 September 2023 with a net profit amounting to QR1, representing a 2.5% growth compared to the same period of last year.
A moderate growth in net profit of 2.5% was mainly attributed to the rise in net income from financing activities, which led to an overall increase in total income for the Group which grew by 38.5%.
Further decline 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 and stood around 2.5% level, despite persistently higher policy rates prevailed throughout the period.
The Group's total assets stood at QR113bn, which mainly comprise of financing assets of QR76bn (67.3% of total assets), followed by investment securities of QR19bn (17.2% of total assets).
The balance sheet is mainly funded by customer deposits, which were QR77bn as at end of the reporting period. Group's liquidity position remained robust with regulatory loans to deposit ratio of 96.5%. Total shareholders' equity remained above QR12, and the capital adequacy ratio maintained at 17.7% in accordance with Basel III requirements, adequately higher than the minimum supervisory ratio as specified by the Qatar Central Bank.
With easily located branches in various parts of the country, Dukhan Bank offers a comprehensive portfolio of innovative banking services and products to make banking transactions more accessible, seamless and convenient for its growing customer base.
Dukhan Bank continues to launch modern digital services and products to enable customers continue their banking transactions on the go, such as the recently introduced first eco-friendly vehicle finance to encourage customers to purchase electric or hybrid vehicles with a competitive profit rate.
Moreover, the Bank also introduced Smart Kiosk, a self-service machine that allows clients to print their cards in a faster and more secure way through simple steps; launched 'Himyan' prepaid card, the first Qatari national prepaid card that enables customers and visitors to make secure payments; unveiled Apple Pay, Samsung Wallet and Google Pay services, operating through its contactless payment platform (D-Pay), the first prepaid digital card in Qatar on its mobile app after becoming the first partner in Qatar to join Mastercard's global Digital First Card program, as well as introduced AI-powered virtual assistant“Rashid” to assist customers virtually on its digital platforms, mobile app, website and WhatsApp.
Dukhan Bank, one of the fastest growing banks in Qatar and the region, recently listed its shares for trading on the Qatar Stock Exchange through direct listing in line with its long-term strategy to allow customers, shareholders and eligible investors to join its pioneering journey.
The Bank provides an award-winning and full range of banking services, including retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments, wealth and asset management.
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