- The Bank recorded a historic annual net profit of QAR 1.34 billion in 2024;
- Significant year-on-year total income growth of 12%, at QAR 5.79 billion in 2024;
- Total assets reached QAR 117.9 billion at end of 31 December 2024.
Lusail – Qatar, 23 February 2025: Dukhan Bank convened its Ordinary Annual General Meeting (AGM) on 23 February 2025. The meeting was chaired by H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman of the Board of Directors, in the presence of 87.45% of the Bank’s shareholders.
During the AGM, all the items on the agenda were discussed, including listening to and endorsing the Board of Director's Report on the results of the Bank and financial statements for year ended December 31, 2024, and discussion of the plan for the year 2025.
The AGM also approved the Board’s proposal to distribute an additional cash dividend of 8% of the nominal value per share, equivalent to QAR 0.08 per share, for the second half of 2024. This brings the total cash dividend for the fiscal year 2024 to 16% of the nominal value per share, equivalent to QAR 0.16 per share. The assembly absolved the Board members from liability for the year ended December 31, 2024, and approved the remuneration prescribed to them.
The meeting addressed the Dukhan Bank Governance Report for the year 2024, adopted the Sharia Supervisory Board report for year ended December 31, 2024, and endorsed the external auditors' report on the financial statements for the year ended December 31, 2024. It also discussed and approved of the Bank's balance sheet and profit and loss for the year ended December 31, 2024 and validated them. Moreover, the assembly nominated the external auditors of the Bank for the year 2025 and determined the fees to be paid to them.
Impressive Financial Performance across board
H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman of the Board of Directors, presented a comprehensive report on the bank’s activities and financial outlook, highlighting the most significant results achieved in 2024.
The bank recorded a historic net profit of QAR 1.34 billion, representing an increase of 3% compared to 2023 with an Earning Per Share of QAR 0.244 per share (after considering nominal value of QAR 1 per share), while the total income for the year increased to QAR 5.79 billion, showing a significant growth of 12% from last year. While net income from financing activities grew to QAR 5.19 billion, marking year-on-year growth of 11%, the Bank’s total assets reached QAR 117.9 billion and financing assets increased to QAR 86.2 billion with a growth of 11% over 2023.
The financial results showed that the Bank’s total equity soared to QAR 13.0 billion, showing a growth of 1%. The total capital adequacy ratio was 17.3% as of 31 December 2024, in accordance with Basel III and QCB guidelines, showing strong and well capitalised position of the Bank. Return on tangible equity and assets were 11.1% and 1.2% respectively for the year 2024.
These encouraging financial results reaffirm Dukhan Bank’s strong market position and resilience, reflecting its commitment to prudent risk management and strategic growth.
H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani emphasised that the Bank’s outstanding performance stems from its long-term vision, particularly its investments in advanced digital banking capabilities, enhanced customer service, and operational efficiencies. He further highlighted Dukhan Bank’s successful issuance of a USD 800 million 5-year senior unsecured Sukuk, the largest issue size achieved by a Qatari Islamic bank since 2020, as a testament to investor confidence and shareholder trust.
Furthermore, H.E. Sheikh Mohammed underscored the Bank’s resilient business model, which has navigated challenges effectively while fostering innovation and sustainable expansion. Dukhan Bank has also made significant contributions to social responsibility and sustainability, solidifying its leadership in Qatar’s banking sector.
Concluding his remarks, H.E. Sheikh Mohammed reaffirmed the Bank’s commitment to leveraging its core strengths, unlocking new opportunities, and ensuring long-term value creation for shareholders. He also reiterated Dukhan Bank’s focus on expanding market share with a sustainable growth strategy.
Enhanced digital services
Dukhan Bank continues to push the envelope in digital banking innovation, consistently launching new services that cater to the dynamic needs of its customers. The Bank unveiled a fresh new look to its Dukhan Mobile app, which features an intuitive interface designed to enhance user experience, a streamlined finance and card application processes, and serves as a centralized hub for all payment needs. Among its latest advancements, it also introduced the 'Request to Pay' feature through its Fawran service on the Dukhan Mobile app. This cutting-edge functionality allows customers to send and receive payment requests instantly, revolutionizing the way transactions are handled in real-time.
Alongside this, its digital suite remains robust with services such as the Smart Kiosk for quick card issuance and its versatile Himyan cards, designed for secure payments nationwide. Its commitment to digital excellence is unwavering, as evidenced by its comprehensive integration of Apple Pay, Samsung Wallet, and Google Pay via D-Pay, and the bank’s leadership in digital card solutions with Mastercard's global Digital First Card program.
Unwavering excellent performance and prestigious awards
In recognition of its steadfast commitment to customer-centric services and outstanding performance, Dukhan Bank continues to garner international acclaim and prestigious awards. In 2024, the Bank has received several notable accolades, including six MENA Banking Excellence Awards: Best Multi-Channel Offering in MENA, MENA Wealth Manager of the Year, Best Retail Bank, Best Islamic Product Offering in MENA, Best Mortgage/Home Finance Offering in MENA, and Excellence in Customer Centricity. Additionally, Dukhan Bank secured two Global Finance Awards: World’s Best Islamic Private Bank, and Best Islamic Financial Institution in Qatar. Furthermore, Euromoney's Islamic Finance Awards 2024 recognised Dukhan Bank as Qatar’s ‘Rising Star 2024.’
Dividend Distribution
Based on the decision of the Ordinary General Assembly of Dukhan Bank held on February 23, 2025 to distribute additional cash dividends of 8% of the nominal value of the share to the shareholders, equivalent to QAR 0.08 per share. taking the total cash dividend for the financial year 2024 to 16% of the nominal share value (QAR 0.16 per share). Dukhan Bank is pleased to inform the honorable shareholders that their additional dividends for the fiscal year 2024 will be distributed from Monday, February 25, 2025.
The dividends will be deposited directly into the bank accounts of the shareholders whose details are registered with Qatar Central Securities Depository.
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