Dukhan Bank revealed its financial results for the first half of 2023, recording a net profit of 761 million riyals, a growth rate of 2% compared to the same period of the previous year.
The reason for the increase in net profits is mainly due to the increase in net revenues from financing activities, which led to an increase in the total revenues of the group, which grew by 38%.
The decrease in net provisions “as a result of the improvement in the collection process” supported the growth of the group’s net profits.
The net financing profit margin stabilized at 2%, despite the continued increase in interest rates.
The group’s total assets settled at 103 billion riyals, which mainly consists of financing assets worth 75 billion riyals (73%) and investment securities amounting to 19 billion riyals (19%).
The balance sheet is funded mainly from customer deposits, which amounted to 72 billion riyals, and because of this, the liquidity position of the group remained strong, the ratio of financing to deposits amounted to 102.6%, and the total shareholders’ equity amounted to 12.4 billion riyals, and the capital adequacy ratio stabilized at 18.4% according to the requirements Basel, which is sufficiently higher than the minimum supervision ratio as set by the Qatar Central Bank.
Innovative digital services
Dukhan Bank works to provide its ever-growing customer base with distinguished service in accordance with international standards and redefines a new concept of the banking experience in general, making it easy and available around the clock and from anywhere. In order to achieve this goal, the bank continues to enhance its portfolio with a wide range of the latest innovative banking services, solutions and products, as it recently revealed its first offers to finance environmentally friendly cars at a competitive profit rate to meet the needs of its customers looking to own electric or hybrid cars.
It also launched the Smart Kiosk, which enables customers to replenish and replace their credit, debit or prepaid cards in a faster and more secure manner with simple procedures.
The bank announced the launch of the Humian prepaid card, which is the first local prepaid card that allows the bank’s new and existing customers to make payments safely across Qatar, Apple Pay, Samsung Pay and Google Pay services through its digital platform for contactless payment (D-Pay) and launched the first card Prepaid digital banking in Qatar through its mobile application, in addition to revealing “Rashid”, the virtual assistant supported by artificial intelligence technologies, to respond to customer inquiries through the mobile banking application, the website and WhatsApp.
As a bank authorized and regulated by the Qatar Central Bank and one of the fastest growing banks in Qatar and the region, Dukhan Bank continues to add new milestones in its journey, perhaps the most prominent of which is the listing of its shares for trading on the Qatar Stock Exchange through direct listing and the transformation into a Qatari public shareholding company in order to continue its journey Continuous growth and shares its proceeds with a broader base of clients, shareholders and professionals. Dukhan Bank offers its corporate and retail customers a broad range of award-winning banking services such as retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and wealth and asset management.
