Dukhan Bank Acheives a Profit Growth of 10% to Reach QAR 267 Million for the First Quarter of 2021 Total Assets Exceed the QAR 100 Billion Mark
Dukhan Bank announced the financial results for the first quarter of 2021, which has resulted in recording of QAR 267 million net profit, thus implying a 10.3% robust growth compared to the first quarter of 2020.
The total assets of the bank, supported by financing activities, increased as well significantly to QAR 100.4 billion, accomplishing a growth of 29.7% compared to the same period in 2020 and of 16.3% compared to December 2020. The total financing assets reached QAR 75 billion, achieving a growth of 38.3% compared to March 2020 and resulting in an increase of 28.0% compared to December 2020. Customer deposits balance raised to QAR 68.3 billion, recording a strong growth of 54.6% compared to March 2020 and an increase of 26.9% compared to December 2020.
The total income for the three-month period ending March 31, 2021 increased to QAR 946 million registering a growth rate of 4.2% compared to QAR 908 million during the same period in 2020.
The total operating expenses were QAR 181 million for the three-month period ending March 31, 2021, reduced from QAR 185 million in the same period last year. Considering strong operating income growth and cost reduction, more operational efficiency was achieved as evident through reduction in the cost-to-income ratio, which decreased from 34% to 26%.
Shareholders' equity raised to QAR 11.3 billion and the total capital adequacy ratio was stable at 16.4% as of March 13, 2021 to meet the Basel-III requirements, while maintaining a sufficient buffer above the minimum supervisory ratio as specified by the Qatar Central Bank and Basel Standards.
Moreover, the Bank has been affirmed rating of 'A' with a stable outlook by Fitch Ratings, and “A2/Prime-1” with a stable outlook by the international rating agency Moody's.
Prizes along with the bank’s transformation in 2020
The relentless efforts of the Board of Directors and all employees of the Bank during the past year were met with prestigious awards in several fields, Most User Friendly Mobile Banking Application – Qatar 2020, International Finance Awards, and Most Progressive Bank Award, The New Age Banking Summit. Additionally, International Business Awards granted Dukhan Bank three distinguished awards, which included Banking CEO of the Year Qatar 2020 for Mr. Khaled Al-Subeai, Best Retail Bank Qatar 2020, and The Most Innovative Bank Qatar 2020. Moreover, Dukhan Bank won the Most Innovative Islamic Banking Product – Thara’a – Qatar, 2020, Global Business Outlook Awards 2020, and the Most Innovative Banking Brand, Qatar 2020 - Global Brands Magazine.
Dukhan Bank’s awards in Q1 of 2021:
Moreover, the Bank also most recently earned awards for Best Corporate Digital Services Qatar 2021 and Best New Contactless Payment Platform Qatar (D-Pay) 2021 from the “World Economic Magazine”.