Dukhan Bank Announces Financial Results for the Third Quarter of 2021; Achieves Profit Growth of 12% to Reach QAR 900 Million
Doha-Qatar, November 28, 2021 - Dukhan Bank has released its financial results for the third quarter of 2021, recording a net profit of QAR 900 million, thus implying a 12% robust growth compared to the same period of last year.
The total income for the nine-month period ending September 30, increased to QAR 2,943 million resulting in a growth rate of 5% compared to QAR 2,805 million during the same period in 2020. The total expenses, including finance costs, reduced from QAR 730 million in 2020 to QAR 636 million in 2021 by 13%.
The bank’s robust financial performance in the third quarter has also resulted in its total assets to increase to QAR 103.5 billion, representing a significant growth of 29% compared to the same period in 2020 and of 20% compared to December 2020. Financing assets continued to grow steadily, reaching QAR 78.5 billion with a growth of 40% compared to the same period in 2020 and an increase of 34% compared to December 2020. Further, customers’ deposits balance raised to QAR 72.9 billion, which equally supported the growth, increased by 56% compared to the same period in 2020 and by 35% compared to December 2020.
The bank’s total equity soared to QAR 13.7 billion from QAR 11.5 billion at end of December 2020 whereas the total capital adequacy ratio stands at 18.3% as of 30 September 2021, in accordance with the Basel III guidelines, maintaining a sufficient buffer above the minimum supervisory ratio as specified by the Qatar Central Bank and Basel Standards.
Moreover, the Bank has been affirmed rating of 'A' by Fitch Ratings, and “A2/Prime-1” with a stable outlook by the international rating agency Moody's.
Enhancing customer experience with digitally powered products and services
In line with its robust digital transformation strategy, Dukhan Bank has released a series of products and services that seek to enhance the value for its customers. During 2021, Dukhan Bank launched its Dukhan Pay (D-Pay) platform that enables contactless payments with Apple, Fitbit and Garmin Pay as well as with Dukhan Bank wearable bracelets. Moreover, Dukhan Bank has also launched the e-wallet service, the Qatar Mobile Payment service (QMP), that aligns with Qatar Central Bank’s Qatar Mobile Payments initiative and allows customers to make instant transfers and transactions with other wallets registered under QMP freely and hassle-free at any time.
The bank also offers one of the most user-friendly mobile applications that provide a uniquely customer-centric banking experience. Amongst many features, the mobile application enables online trading services powered by The Group Securities (licensed by the Qatar Financial Markets Authority), which allow customers to view real-time market data, place buy and sell stocks, evaluate their portfolio, and analyse the market through their smartphones. With this cutting-edge feature, Dukhan Bank has become the first player in the industry to integrate with a trading service enabling customers to be part of its ambitious digital transformation endeavour.
With an aim to improve customer convenience and offer a seamless banking experience, Dukhan Bank has launched its interactive, multi-channel virtual assistant “Rashid”. Rashid is available on the bank’s website and mobile application to offer swift answers, fast solutions, and quick responses to customers’ inquiries.
Dukhan Bank continues to adapt to market and customer needs with digital at its forefront, forging the path towards a technologically powered banking sector. The bank remains a key player in leading digitalisation through its robust strategy that aims to address increasingly digital consumer needs.
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