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Dukhan Bank has posted a net profit of QR784mn in the first six months (H1) of this year, which reflects a 3% year-on-year growth.
This growth in bottom-line profitability was underpinned by an 18% increase in net income from financing activities (QR2,571mn) and a 34% rise in net income from investing activities, resulting in an overall rise in total income for the bank (QR3,286mn), which grew by 15%.
Dukhan Bank maintained its efforts to enhance operational efficiency and build on revenue sources, leading to a cost-to-income ratio of 31.6%. Earnings per share (EPS) stood at QR0.144.
The bank’s total assets stood at QR114.2bn, primarily comprising financing assets of QR82.7bn (72% of total assets) and investment securities of QR16.7bn (15% of total assets).
The balance sheet is mainly funded by customer deposits, which were QR84.6bn at the end of the financial period. The bank’s liquidity remained robust, with a 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% per 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% 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 July 24, 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 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 its expanding customer base.
In H1 2024, Dukhan Bank earned significant international acclaim and prestigious awards, reinforcing its position as Qatar’s premier banking institution. Following the Mena Banking Excellence Awards 2024, Dukhan Bank secured six new titles, including ‘Mena Wealth Manager of the Year’, highlighting its leadership in wealth management and commitment to tailored investment solutions.
The bank also received accolades for ‘Best Retail Bank’, ‘Best Islamic Product Offering in Mena’, ‘Best Mortgage/Home Finance Offering in Mena’, ‘Best Multi-Channel Offering in Mena’, and ‘Excellence in Customer Centricity in Mena’, reaffirming its dedication to innovative banking solutions.
Additionally, Dukhan Bank was recognised as ‘Best Islamic Financial Institution in Qatar 2024’ at the Global Finance Awards, emphasising its leadership in the Islamic banking sector. The bank was named ‘World’s Best Islamic Private Bank 2024’ for the third consecutive year, underscoring its exceptional private banking services for high-net-worth individuals.
Furthermore, Dukhan Bank achieved significant milestones in data security and regulatory compliance by obtaining the Payment Card Industry Data Security Standard (PCI DSS) version 4.0 and ISO/IEC 27001 certifications. The PCI DSS version 4.0 certification affirms the bank’s stringent security measures for handling payment card information. The ISO/IEC 27001 certification from Shamkris Global validates the bank’s robust approach to information security management, ensuring the confidentiality, integrity, and availability of critical information assets.
Most recently, Moody’s affirmed Dukhan Bank’s credit rating at “A2” with a stable outlook, and Fitch upgraded its Long-Term Issuer Default Rating to ‘A’ with a ‘stable’ outlook. Moreover, Dukhan Bank ranks fourth in Qatar and 23rd in the Middle East on Forbes Middle East’s 30 Most Valuable Banks 2024 list. It was also listed among Forbes Middle East’s Top 100 Listed Companies 2024.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).This growth in bottom-line profitability was underpinned by an 18% increase in net income from financing activities (QR2,571mn) and a 34% rise in net income from investing activities, resulting in an overall rise in total income for the bank (QR3,286mn), which grew by 15%.
Dukhan Bank maintained its efforts to enhance operational efficiency and build on revenue sources, leading to a cost-to-income ratio of 31.6%. Earnings per share (EPS) stood at QR0.144.
The bank’s total assets stood at QR114.2bn, primarily comprising financing assets of QR82.7bn (72% of total assets) and investment securities of QR16.7bn (15% of total assets).
The balance sheet is mainly funded by customer deposits, which were QR84.6bn at the end of the financial period. The bank’s liquidity remained robust, with a 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% per 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% 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 July 24, 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 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 its expanding customer base.
In H1 2024, Dukhan Bank earned significant international acclaim and prestigious awards, reinforcing its position as Qatar’s premier banking institution. Following the Mena Banking Excellence Awards 2024, Dukhan Bank secured six new titles, including ‘Mena Wealth Manager of the Year’, highlighting its leadership in wealth management and commitment to tailored investment solutions.
The bank also received accolades for ‘Best Retail Bank’, ‘Best Islamic Product Offering in Mena’, ‘Best Mortgage/Home Finance Offering in Mena’, ‘Best Multi-Channel Offering in Mena’, and ‘Excellence in Customer Centricity in Mena’, reaffirming its dedication to innovative banking solutions.
Additionally, Dukhan Bank was recognised as ‘Best Islamic Financial Institution in Qatar 2024’ at the Global Finance Awards, emphasising its leadership in the Islamic banking sector. The bank was named ‘World’s Best Islamic Private Bank 2024’ for the third consecutive year, underscoring its exceptional private banking services for high-net-worth individuals.
Furthermore, Dukhan Bank achieved significant milestones in data security and regulatory compliance by obtaining the Payment Card Industry Data Security Standard (PCI DSS) version 4.0 and ISO/IEC 27001 certifications. The PCI DSS version 4.0 certification affirms the bank’s stringent security measures for handling payment card information. The ISO/IEC 27001 certification from Shamkris Global validates the bank’s robust approach to information security management, ensuring the confidentiality, integrity, and availability of critical information assets.
Most recently, Moody’s affirmed Dukhan Bank’s credit rating at “A2” with a stable outlook, and Fitch upgraded its Long-Term Issuer Default Rating to ‘A’ with a ‘stable’ outlook. Moreover, Dukhan Bank ranks fourth in Qatar and 23rd in the Middle East on Forbes Middle East’s 30 Most Valuable Banks 2024 list. It was also listed among Forbes Middle East’s Top 100 Listed Companies 2024.
