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Dukhan Bank Releases Financial Statements for the First Half of 2022
 
Dukhan Bank Releases Financial Statements for the First Half of 2022
• Dukhan Bank records 27% increase in the net profit
 
Doha-Qatar, 18 July 2022 - Dukhan Bank has announced its financial results for the first half of 2022 recording a net profit of QAR 745 million, representing a 27% increase compared to the first half of 2021 net profit of QAR 586 million.
 
The total income for the six months period ending 30 June 2022 increased to QAR 2.1 billion resulting in a growth rate of 8% as compared to QAR 1.9 billion during the same period in 2021. Considering strong income growth coupled with efficient cost management, more operational efficiency was achieved as evident through reduction in the cost-to-income ratio, which decreased to 25.1% in the first half of 2022 from 26.3% recorded in the same period last year.
Dukhan Bank’s total assets reached QAR 104 billion in the first half of 2022, and the customer financing assets stood at QAR 74 billion in the first half of 2022, whereas customer deposits amounted to QAR 73 billion at the end of 30 June 2022, ensuring financing to deposits ratio of about 100% reflecting effective and prudent liquidity management. 
 
Total shareholders’ equity reached QAR 14 billion and the total capital adequacy ratio was stable at 18.3% as of June 30, 2022 in accordance with the Basel-III requirements, while maintaining a sufficient buffer above the minimum supervisory ratio as specified by the Qatar Central Bank and Basel Standards.
Earnings per share went up by 21% to QAR 1.37 per share in 2022 from QAR 1.13 per share in 2021. The Bank’s return on tangible equity (‘RoTE’) increased to 12.7% in the first six months of 2022 as against 11.2% recorded during the same period in 2021, showing an increase of 14% while return on tangible assets (‘RoTA’) increased by 12% to 1.4% during the first half of 2022 as compared to same period last year.
It is worth noting that the international rating agencies, Fitch affirmed the Bank’s rating at A- with a stable outlook and Moody’s affirmed the Bank’s rating at A2/Prime-1 also with a stable outlook.
Enhancing customers’ experience with digital transformation
During the second quarter of 2022, Dukhan Bank went an extra mile to ensure it customers a more convenient and seamless banking transactions with the introduction of many digital solutions. The Bank became the first partner in Qatar to join Mastercard’s global Digital First Card program. Through the programme, Dukhan Bank is now issuing digital prepaid cards as part of the bank's efforts to enhance customers' experience.
 
Dukhan Bank has also launched its direct remittance service to India as part of its new bouquet of digital services. With the service, customers of the bank can now send remittances directly to India from Dukhan Bank’s app safely and securely within 60 seconds. This direct remittance service to India is launched within Dukhan Bank’s D-remit platform and will be further expanded to other countries with a host of remittance options for customers.
 
Moreover, in the first of its kind among Qatari banks, Dukhan Bank unveiled ‘Investment Tracking’, an exceptional self-service feature to assist customers to view their investment portfolios at ease and comfort, at the same time providing real-time reporting and analysis on portfolio performance.
 
The first half of 2022 also witnessed the launch of D-Tap (SoftPOS with PIN acceptance), the new smart payment solution for Merchants. This low-cost, maintenance-free solution allows merchants to accept payments through a variety of contactless-enabled cards and devices. Dukhan Bank also unveiled the direct-to-account money transfer service with Western Union money transfer services through its online banking offering via web and app and its ATM’s across the country. The service comes as an extension to Dukhan Bank’s existing ‘account-to-cash’ international remittances solution with Western Union, to now include direct ‘account-to-account’ remittances.
 
Prestigious awards during the first half of 2022
In recognition of its excellent services and innovative idea in the banking industry, Dukhan Bank won several regional and international awards in the first half of 2022. Dukhan Bank received 9 accolades at MEED’s Excellence Banking Awards 2022, which crowned Dukhan Bank’s distinguished efforts in providing private banking services and its leadership in enriching the digital banking experience for its customers with innovative solutions by awarding it nine accolades.
Dukhan Bank also won the Outstanding Innovation in Mobile Banking from Global Finance in The Innovators 2022 Awards for its mobile banking application 'Dukhan Mobile', which provides easy and convenient banking experience for customers. In addition, the bank received the World’s Best Islamic Private Bank award at Global Finance World’s Best Islamic Financial Institutions Awards for 2022. 

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 6576 times
PR Category : Banking & Investments
Posted on : Monday, July 18, 2022  9:34:00 AM UAE local time (GMT+4)
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