April 25, 2024

Dukhan Bank’s Q1 profit rises 47% to QR392 million

Dukhan Bank on Wednesday announced that the bank’s net profit increased 47 percent to QR392 million in the first quarter of 2022 compared with the same quarter of the previous year.
In the first three months period of 2022, the bank’s total assets exceeded QR108 billion and the total financing assets rose to QR75 billion, while customer deposits reached QR72 billion.
The bank’s total income increased by more than 12 percent to QR1.1 billion in the first quarter of 2022, compared to QR946 million for the same period in 2021. In addition, the cost-to-income ratio decreased to 23.7 percent from 26.2 percent during the same period last year, due to income growth and reduction in costs, which led to more operational efficiency.
Total shareholders’ equity exceeded QR14 billion, and the capital adequacy ratio stands at 18.3 percent in accordance with the Basel III requirements, comfortably higher than the 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.
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.
The 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 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 relieves customers from carrying several bank cards or cash during their travels and trips, in addition to the rewards and other privileges it gives them.
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.