Dukhan Bank’s net profit up 5 percent to QR1.25bn in 2022

Doha: Dukhan Bank disclosed its financial results for the year ending December 31, 2022 revealing the bank’s growth journey at various levels notching a net profit of QR1.25bn, an increase of 5 percent compared to 2021 with an EPS of QR 0.227 per share, post considering nominal value of QR 1 per share.

This comes after the bank’s transformation into a Qatari public shareholding company by listing its shares on the Qatar Stock Exchange and commencement of trading from February 21, 2023.

Overhead expenses were below last year by 4 percent from QR782m to QR750m. Total assets reached QR106bn and financing assets increased to QR76bn with a growth of 1 percent over last year. The balance sheet is mainly funded by customer deposits, which reached QR 75bn. The Bank’s total equity soared to QR12.5bn, a growth of 3 percent, whereas the total capital adequacy ratio was 18.3 percent as of 31 December 2022, in accordance with Basel III and QCB guidelines, showing strong and well capitalized position of the Bank. Return on equity and assets were 11 percent and 1.2 percent respectively for the year 2022. 

Reflecting on the robust performance, Dukhan Bank’s Board of Directors proposed a dividend distribution to shareholders of 16 percent or QR 0.16 per share, post considering nominal value of QAR 1 per share after its conversion to a public listed company, increased from QR 0.14 per share or 14 percent of the nominal share value last year, subject to approval of general assembly meeting of the shareholders and Qatar Central Bank. Sheikh Mohammed bin Hamad bin Jassim Al Thani, Chairman and Managing Director of Dukhan Bank, said: “We are pleased that Dukhan Bank has continued its progressive growth journey, which led to improved financial performance that resulted in achieving solid growth, supported by stability, resilience and high-performance of the Qatari banking sector during the year 2022. "

Dukhan Bank’s goal is to maintain its position as an Islamic bank with integrated services and solutions. Dukhan Bank has introduced various digital services and products such as the Apple Pay and Google Pay services, operating through its contactless payment platform (D-Pay), the first prepaid digital card in Qatar on its mobile app, as well as AI-powered virtual assistant “Rashid” to assist customers virtually on its digital platforms, mobile app and website. The outstanding performance is also attributed to the exceptional hosting of the 2022 FIFA World Cup by the State of Qatar.