Dukhan Bank disclosed its financial results for the first quarter of 2023, which witnessed an increase in net profits by 5.6%, recording 414 million riyals, compared to the first quarter of 2022.
Total income increased by 33.8%, to record 1.4 billion riyals, compared to 1.1 billion riyals during the same period in 2022, while the bank continued its conservative policy, and an amount of 144 million riyals was charged as provisions for impairment losses in financing assets.
The bank’s total assets amounted to 102 billion riyals, and the total financing assets amounted to 74 billion riyals, while customer deposits amounted to 70 billion riyals.
Likewise, the total equity of the bank’s shareholders increased to 14.7 billion riyals, and the total capital adequacy ratio reached 18.8% during the same period, in accordance with the requirements of the Basel III agreement and exceeding the minimum supervisory ratio set by the Qatar Central Bank.
Advanced digital services
Through a wide network of branches across the country, Dukhan Bank continues to enhance its portfolio with an advanced set of the latest innovative banking services and products in an effort to continuously improve the banking experience in general and make banking transactions provided to the growing customer base more smooth, convenient and available at any time and from anywhere. From this standpoint, Dukhan Bank launched Apple Pay and Google Pay services through its digital payment platform (D-Pay), and launched the first prepaid digital card in Qatar, in addition to unveiling “Rashid”, a virtual assistant that uses an artificial intelligence system to answer inquiries Customers on Dukhan Bank’s digital platforms, whether on the mobile banking application, the bank’s website, or WhatsApp.
Moreover, Dukhan Bank is one of the fastest growing Islamic banks in Qatar and the region and is authorized and regulated by the Qatar Central Bank. Recently, the bank was able to achieve a new milestone in its journey by successfully transforming into a Qatari public shareholding company and listing its shares for trading on the Qatar Stock Exchange through direct listing in line with its future growth plan and enabling customers, shareholders and professionals to share the proceeds of growth and join this pioneering journey. The Bank offers its corporate and retail customers a full range of award-winning Sharia-compliant banking services such as retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management.
Steady performance
Dukhan Bank continues its unremitting efforts to strengthen its leading position in the field of Islamic banking and expand the range of banking services and solutions offered to its customers. The bank has succeeded in strengthening its capital position and improving growth opportunities at various levels, as one of the most prominent results of the first banking merger in Qatar between Barwa Bank and Qatar International Bank, which resulted in the birth of the new entity, Dukhan Bank. Dukhan Bank’s efforts have been culminated in many prestigious awards from Global Finance magazine, such as the “Best Digital Retail Bank in Qatar” award, the “World’s Best Islamic Private Banking Bank” award for the year 2022, and the “Innovation in Mobile Banking Services” award among the Innovators Awards. for the year 2022.
