Dukhan Bank discloses its financial results for the first quarter of 2022
• 47% growth in net profit to reach QAR 392 million
Doha, Qatar - 12 May 2022: Dukhan Bank has announced its financial results for the first quarter of 2022, showing the Bank's net profit amounted to QAR 392 million, recording an increase of 47% compared to the first quarter of 2021.
During the three months period ending on 31 March 2022, the Bank's total assets exceeded QAR 108 billion and the total financing assets rose to QAR 75 billion, while customer deposits reached QAR 72 billion.
Dukhan Bank total income increased by more than 12% to QAR 1.1 billion, compared to QAR 946 million for the same period in 2021. In addition, the cost-to-income ratio decreased to 23.7% from 26.2% during the same period last year, due to income growth and reduction in costs, which led to more operational efficiency.
Total shareholders’ equity exceeded QAR 14 billion, and the capital adequacy ratio stands at 18.3% in accordance with the Basel III requirements, comfortably higher than minimum supervisory ratio as specified by the Qatar Central Bank and guidelines of the Basel Committee.
It is worth noting that Fitch Ratings affirmed the Bank’s rating at “A-“ with a stable outlook and the international rating agency Moody’s affirmed the Bank’s rating at “A2/Prime-1” with a stable outlook.
A new stage and innovative products in the digital transformation journey
Dukhan Bank continued to enhance its portfolio of digital banking services, as the first quarter of 2022 witnessed the unveiling of innovative digital products that keep pace with the aspirations of corporate and individual customers and meet their modern needs. Dukhan Bank launched the new smart payment service D-Tap, a digital point of sale with a personal identification number “PIN” for companies, as one of the low-cost payment solutions that make it easier for merchants to receive payments using a variety of bank cards and devices that support contactless payment technology. The bank also announced the launch of a range of corporate credit cards to enable companies, businesses and small and medium enterprises to effectively manage their expenses, payments and cash flows.
To celebrate the FIFA World Cup Qatar 2022™, which will be held for the first time in the Middle East in the State of Qatar, Dukhan Bank, in partnership with Visa, announced the launch of a special edition of Visa Platinum and Visa Signature credit cards, as part of its continuous efforts
to reward its customers with a wide range of rewards and benefits before, during and after the tournament.
The bank also unveiled the “Multi Currency MasterCard Prepaid Card”, co-branded with Qatar Airways, to enable customers to complete their payments remotely in five different currencies through one bank card: the Qatari riyal, US dollar, Euro, British pound and Turkish lira, to provide a comprehensive banking solution that relieve customers from carrying several bank cards or cash during their travels and trips, in addition to the rewards and other privileges it gives them.
Prestigious international awards during the first quarter of 2022
On the international level, Dukhan Bank has achieved worldwide recognition for the outstanding quality of its Private Banking service by winning the World’s Best Islamic Private Bank award at Global Finance World’s Best Islamic Financial Institutions Awards for 2022.