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Dukhan Bank reports a net profit of QAR 423 million for the three-month period ended 31 March 2024

Monday, April 22, 2024/ Editor -  


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  • Strong bottom-line profitability is underpinned by robust growth in total income of 15% on a year-on-year basis
  • Group’s total assets amounted to QAR 112.9 billion
  • Robust CAR of 18.2%, remained adequately higher than the minimum statutory limits

Doha, Qatar – 22 April 2024: Dukhan Bank (“the Bank” or “the Group” when referred along with its subsidiaries; QSE Ticker: DUBK), announced its financial results for the three-month period ended 31 March 2024 with a net profit amounting to QAR 423 million, representing a 2% growth compared to the last year.

Key Performance Highlights


Total assets

QAR 112.9 billion
+10% vs. 1Q23


Financing assets

QAR 80.9 billion
+9% vs. 1Q23


Customer deposits

QAR 78.5 billion
+12% vs. 1Q23










Net profit

QAR 423 million
+2% vs. 1Q23


QAR 0.078

per share


Cost to income ratio




Analysis of Group’s financial performance

Key financial performance indicators

Amounts in QAR’ millions



Growth (%)

Net income from financing activities




Total income




Net profit




Earnings per share (QAR)





The Group reported a net profit of QAR 423 million for the first three months of 2024, reflecting a 2% year-on-year growth. This growth in bottom-line profitability underpinned by a 20% increase in net income from financing activities, and a 49% rise in net income from investing activities. Consequently, leading to an overall rise in total income for the Group which grew by 15%.

The Group maintained its efforts to enhance operational efficiency, coupled with building on revenue sources, leading to a cost to income ratio of 29.8%.

Analysis of Group’s financial position 

Key financial position indicators

Amounts in QAR’ millions

31 Mar

31 Dec 2023

Growth (%)

Financing assets




Total assets




Total deposits





The Group’s total assets stood at QAR 112.9 billion, which mainly comprise of financing assets of QAR 80.9 billion (71.6% of total assets), followed by investment securities of QAR 17.2 billion (15.3% of total assets).

The balance sheet is mainly funded by customer deposits, which were QAR 78.5 billion as at end of the financial period. Group's liquidity position remained robust with regulatory loans to deposit ratio of 101.7%. Total shareholders’ equity remained above QAR 12.5 billion. The capital adequacy ratio (CAR) maintained at 18.2% in accordance with Basel III requirements, being adequately higher than the minimum supervisory ratio, as specified by the Qatar Central Bank.

Enhanced digital services

Dukhan Bank is committed to continued innovation, consistently introducing new digital services and products to further facilitate seamless banking transactions. With strategically positioned branches across the country, the Bank provides an array of cutting-edge banking services and products that aim to enhance accessibility, streamline processes, and offer convenience to our expanding customer base.

Additionally, Dukhan Bank has introduced ‘Fawran’, a service to facilitate instantly sending and receiving money in Qatar. The Bank also launched the Smart Kiosk, a self-service machine that securely simplifies and expedites the card printing process for clients, and launched 'Himyan' prepaid and debit card which enables both new and existing bank customers to make secure local payments across the country. Apple Pay, Samsung Wallet, and Google Pay services can now all be operated seamlessly via our contactless payment platform (D-Pay), and Dukhan Bank proudly introduced the first prepaid digital card in Qatar on its mobile app as part of our distinction as the initial partner in Qatar to join Mastercard's global Digital First Card program. In our ongoing commitment to delivering swift and efficient services to our customers, we've introduced a new feature; instant finance for pre-approved customers through the Dukhan Mobile. Additionally, we've rolled out Credit Card Spend Analytics on our mobile app, offering automated insights into categorized card spending. These advancements aim to enhance our credit decisioning models, which are integral to our lending processes. Customer support has also been prioritized, as seen by the launch of ‘Rashid,’ an AI-powered virtual assistant, which assists customers across our digital platforms.

Unwavering excellent performance and prestigious awards

In 2023 and the first quarter of 2024, Dukhan Bank has continued to garner international acclaim and prestigious awards, receiving several notable accolades including four Global Finance Awards: World’s Best Islamic Private Bank, Best Integrated Consumer Banking Site – Qatar, Best Mobile Banking Adaptive Site – Qatar, and Best Mobile Banking Adaptive Site – Middle East. Additionally, Dukhan Bank secured three distinctions at the MENA Banking Excellence Award 2023, winning Best Private Bank – Qatar, Best Multi-Channel Offering and Excellence in Omni-Channel Integration. Additionally the Bank won the esteemed 'Most Innovative Islamic Card Product of 2023' award at The Banker magazine's awards for its cutting-edge digital prepaid card, and Euromoney's Islamic Finance Awards 2023 recognized Dukhan Bank as the 'Most Transformed Islamic Bank in Qatar 2023.' The Bank also proudly achieved three prestigious global rankings by Euromoney magazine, showcasing excellence in digital transformation, social responsibility, and corporate banking. Most recently in 2024, the international credit rating agency Fitch upgraded Dukhan Bank’s Long-Term Issuer Default Rating from ‘A-’ to ‘A’ with a ‘stable’ outlook. Furthermore, Dukhan Bank ranks 4th in Qatar, and 23rd in the Middle East on Forbes Middle East’s 30 Most Valuable Banks 2024 List.

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