(MENAFN- The Peninsula)
The Peninsula
Doha, Qatar: Dukhan bank announced its financial results for the six-month period ended 30 June 2024, reporting a net profit of QR784m, representing a 3 percent growth compared to the last year.
The Group reported a net profit of QR784m for the first six months (H1) of 2024, reflecting a 3 percent year-on-year growth. This growth in bottom-line profitability was underpinned by a 18 percent increase in net income from financing activities, and a 34 percent rise in net income from investing activities, resulting in an overall rise in total income for the Group which grew by 15 percent.
The Group maintained its efforts to enhance operational efficiency and build on revenue sources, leading to a cost to income ratio of 31.6 percent.
The Group's total assets stood at QR114.2bn, primarily comprising of financing assets of QR82.7bn (72 percent of total assets) and investment securities of QR16.7bn (15 percent of total assets).
The balance sheet is mainly funded by customer deposits, which were QR84.6bn at end of the financial period. The Group's liquidity remained robust, with regulatory loans-to-deposits ratio of 96.1%. Total shareholders' equity amounted to QR12.9bn. The capital adequacy ratio (CAR) was maintained at 17.8 percent in accordance with Basel III requirements, adequately above the minimum supervisory ratio specified by the Qatar Central Bank.
In a significant move, the Board of Directors has declared the Bank's first interim dividends of 8 percent equivalent to QR0.08 per share. The proposed dividend is subject to regulatory approvals. This dividend will be payable to the shareholders as at the close of trading on 24th July 2024. The dividend will be payable on a future date to be announced later. This decision reflects the Board's strong confidence in the Bank's future prospects and its commitment to providing value to shareholders.
Dukhan Bank remains steadfast in its commitment to continuous innovation, regularly introducing new digital services and products to facilitate seamless banking transactions. With strategically positioned branches across the nation, Dukhan Bank offers a comprehensive array of advanced banking services and products aimed at enhancing accessibility, streamlining processes, and providing unmatched convenience to our expanding customer base.
A key highlight of our recent innovations is 'Fawran,' a service that allows for the instant transfer of money within Qatar, making transactions quick and effortless. We have also introduced the Smart Kiosk, a self-service machine designed to simplify and expedite the card printing process securely. Additionally, the 'Himyan' prepaid and debit card enables both new and existing customers to make secure local payments across the country. Our digital transformation is further exemplified by the seamless integration of Apple Pay, Samsung Wallet, and Google Pay through our contactless payment platform, D-Pay. Notably, Dukhan Bank introduced Qatar's first prepaid digital card on our mobile app, becoming the initial partner in the country to join Mastercard's global Digital First Card program.
In our relentless pursuit of efficiency, we have launched instant finance for pre-approved customers via the Dukhan Mobile app. This feature is complemented by the introduction of Credit Card Spend Analytics on our mobile app, providing automated insights into categorized card spending, thus enhancing our credit decisioning models crucial to our lending processes.
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