Dukhan Bank releases financial results for the third quarter of 2022
Doha-Qatar, October 2022 - Dukhan Bank has announced its financial results for the third quarter of 2022 recording a net profit of QAR 1.1 billion, representing a 20% increase compared to QAR 900 million for the same period of 2021.
Total income for the nine months period ending 30 September 2022 increased to QAR 3.2 billion resulting in a growth rate of 7% as compared to QAR 2.9 billion for the same period of 2021. Considering strong income growth coupled with efficient cost management, the bank maintained its cost to income ratio at 27.8%
Dukhan Bank’s total assets reached QAR 105 billion as of 30 September 2022, while customer financing assets stood at QAR 75 billion, and customer deposits amounted to QAR 76 billion ,thus ensuring financing to deposits ratio of about 97% reflecting effective and prudent liquidity management.
Total shareholders’ equity reached QAR 14 billion while the total capital adequacy ratio was stable at 18% as of September 30, 2022 in full compliance to Basel-III requirements and Qatar Central Bank regulations.
Earnings per share increased by 14% to QAR 1.98 from QAR 1.73 in 2021. The Bank’s return on tangible equity (‘RoTE’) increased to 12.1% and return on tangible assets (‘RoTA’) increased to 1.4% .
It is worth noting that the international rating agencies, affirmed the Bank’s rating at A- with a stable outlook by Fitch and at A2/Prime-1 with a stable outlook by Moody’s.
Dukhan Bank Takes the Helm in Digital Banking
With the introduction of several digital solutions throughout the first nine months of 2022, Dukhan Bank went the extra mile to provide its clients with more easy and smooth financial transactions. The bank enabled clients with Google Pay via its magnificent payment platform (D-Pay), as part of its digitization goal to enable its customers to make transactions on the move. The new service provides a faster and more secure way for users to pay on websites, apps, and in stores using payment methods maintained in their Google Account.
Moreover,The bank has taken the industry lead by delivering a number of unparalleled additions to the retail mobile banking application, including access to Time Deposit, Wealth Management Accounts, and Foreign Currency Account services. Dukhan Bank also bolstered its digital efforts by updating its app with the (D-Pay) platform, a genuine unique feature that offers contactless payment, removing the need to carry cash and credit cards. The bank was the first to launch the digital credit card "Mastercard Digital" and one of the first banks to provide the Apple Pay service in the Qatari market. Furthermore, Rashid, the AI-powered chatbot, is another milestone in Dukhan Bank's successful digital journey. Rashid, an interactive, multichannel virtual assistant, is available via Dukhan Mobile, the bank's website, and WhatsApp.
On a corporate level, Dukhan Bank introduced the Corporate Banking Digital Platform, which allows corporate administrators to manage their users, handle multiple levels of approvals as required by corporate mandates, download transactions, view account statements, and fund transfers from their accounts, conduct intra-bank third party transfers, domestic and international transfers with a seamless transition between them.
Consistent Recognition from International Evaluation Bodies
Dukhan Bank's excellent digital journey has resulted in significant development of the bank's portfolio of premier digital products and services, as well as recognition from worldwide evaluators. In honor of its great services and creative ideas in the banking sector, Dukhan Bank was named "Best Consumer Digital Bank in Qatar" by Global Finance magazine in round one of the 23rd edition of the "2022 World's Best Consumer Digital Banks Awards". The bank got two important awards in this category: "Best Integrated Consumer Banking Site" and "Most Innovative Digital Bank."