Dukhan Bank held its Ordinary General Assembly meeting via videoconferencing on April 12, 2023, chaired by His Excellency Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman and Managing Director, and in the presence of 88.67% of the shareholders.
The meeting included discussing all items on the agenda, listening to and approving the Board of Directors’ report on the bank’s results and financial statements for the fiscal year ending on December 31, 2022, reviewing its future plans, and also approving the Board of Directors’ recommendation to distribute dividends to shareholders at a value of 16% of the value. The nominal value of the share, i.e. 0.16 Qatari riyals per share, and the release of the members of the Board of Directors from their obligations for the same period and the approval of their remunerations.
Outstanding financial performance
Also, the meeting witnessed hearing the report of the Sharia Supervisory Board for the fiscal year ending on December 31, 2022, and the approval of the auditor’s report on the bank’s budget, accounts and financial statements for the same period, and the discussion and approval of the bank’s balance sheet and profit and loss account. In addition, the appointment of the external auditor for the year 2023 and the determination of his fees.
Continue outstanding financial performance at all levels
During the meeting, His Excellency Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman and Managing Director, presented a detailed report on the bank’s activities and financial results over the past year, primarily highlighting its most important financial results, which included an increase in its net profit to record 1.25 billion riyals. Qatari, an increase of 5% compared to 2021, while the earnings per share reached 0.227 riyals based on the nominal value of 1 Qatari riyal per share. Total income for the year increased to 4.5 billion Qatari riyals, which confirms that the bank achieved a growth of 10% compared to last year, while net income from financing activities grew to 3.2 billion riyals, recording a growth of 10% on an annual basis, and the total assets of the bank reached 106 billion Qatari riyals, and financing assets increased to 76 billion Qatari riyals.
In the same context, the financial results indicated a decrease in the bank’s general expenses by 4%, to record 750 million Qatari riyals in 2022, after recording 782 million Qatari riyals in 2021, and the total equity of the bank’s shareholders increased to 12.5 billion Qatari riyals, achieving a growth of 3%. And the total capital adequacy ratio reached 18.3% on December 31, 2022, in accordance with the requirements of the Basel III agreement and the Qatar Central Bank, which indicates the large liquidity and strong financial position enjoyed by the bank, and the return on equity and assets reached 11% and 1.2% on consecutively for the year 2022.
These distinguished financial results are a reflection of the Bank’s strong and sustainable performance, its leading position in the Qatari market, as well as its full commitment to the highest standards of transparency and the strictness of its risk management systems.
For his part, His Excellency Sheikh Mohammed added that the bank’s exceptional performance can also be attributed to the digital transformation strategy adopted by the bank with the aim of expanding the scope of digitization to include its various operations and services, which greatly contributed to improving the banking experience for customers as a whole, and enabled them to complete their various transactions and special payment operations. their easily and smoothly around the clock wherever they are. In addition, the bank strengthened its portfolio of digital services through several steps, most notably upgrading its mobile banking application and website via the Internet, raising the efficiency of the call center, and expanding the provision of contactless payment solutions.
These achievements – in addition to other ambitious steps that Dukhan Bank is proceeding to achieve with steady steps – contributed to the improvement of the bank’s long-term foreign currency rating by the largest international credit rating agencies, as Fitch Ratings affirmed Dukhan Bank’s credit rating at “A-” » With a stable outlook, and obtained an “A2” credit rating with a stable outlook from the international rating agency “Moody’s”, which proves the strength of the Qatari economy, the strength of the financial position and the bank’s assets, and its ability to play a leading role in the Islamic banking sector in Qatar.
Digital transformation strategy
Dukhan Bank continues to build on what it has achieved within the path of digital transformation in order to improve operational efficiency and profitability and provide a safe and smooth banking experience for customers. changing finances. In 2022, Dukhan Bank expanded its range of digital products by launching the first digital prepaid card in Qatar, after becoming the first authorized partner in Qatar for the MasterCard global program “Digital First”, which authorizes it to issue prepaid digital cards to its customers and confirm its leadership in the market. Qatar and provide seamless digital banking solutions that improve customer experience. In addition, the bank launched the “Dukhan Pay” platform for contactless payment services, with the aim of keeping pace with the increasing customer demand for digital payment solutions, through which it provided its customers with multiple digital solutions, including Google Pay, the fastest and safest way to pay on websites. e-commerce, apps and stores using the payment data saved to their Google Account, and also Samsung Wallet, a mobile payment solution that enables customers to make secure, contactless payments at online outlets, websites and in-stores around the world.
