Dukhan Bank Reports Net Profit Of QR1.14Bn For Nine-Month Period
Date
10/15/2024 2:14:39 AM
(MENAFN- The Peninsula)
The Peninsula
Doha: Dukhan bank announced its financial results for the nine-month period ended 30 September 2024, reporting a net profit of QR1.14bn, representing a 3% growth compared to the last year.
The Group's financial performance during the first nine months of 2024 demonstrated the execution of our strategy and strengthened platform for growth.
The growth in bottom-line profitability was underpinned by a 17% increase in net income from financing activities, and a 33% rise in net income from investing activities, resulting in an overall rise in total income for the Group which grew by 16%.
Growth in net income from financing activities reflected positive momentum in overall volumes coupled with better yields.
The Group's efforts to cross-sell coupled with deepened client relationships, while leveraging differentiated product strengths, fostered consistent growth in both profit and non-profit income sources.
The Group's total assets stood at QR116.7bn, a highest level achieved in the Bank's history. Total assets primarily comprise of financing assets of QR84.9bn (73% of total assets) and investment securities of QR17.3bn (15% of total assets).
During this year, the Bank successfully expanded its financing assets, achieving an impressive 9% growth compared to the previous year, bringing the total financing book to QR84.9bn. This underscores the Bank's strategic intent to increase its market share, while ensuring efficient and balanced resource allocation.
MENAFN15102024000063011010ID1108778732
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.