Dukhan Bank announced its financial results in the third quarter of 2022 recording a net profit of QR1.1bn, representing a 20% increase compared to QR900mn for the same period of 2021.
Total income for the nine months period ending September 30, 2022, increased to QR3.2bn resulting in a growth rate of 7% compared to QR2.9bn for the same period of 2021. Considering strong income growth coupled with efficient cost management, the bank maintained its cost-to-income ratio at 27.8%
Dukhan Bank’s total assets reached QR105bn as of September 30, 2022, while customer financing assets stood at QR75bn, and customer deposits amounted to QR76bn, thus ensuring financing to deposits ratio of about 97%, reflecting effective and prudent liquidity management.
Total shareholders’ equity reached QR14bn, while the total capital adequacy ratio was stable at 18% as of September 30, in full compliance with Basel-III requirements and the Qatar Central Bank regulations.
Earnings per share increased by 14% to QR1.98 from QR1.73 in 2021. The bank’s return on tangible equity (RoTE) increased to 12.1% and return on tangible assets (RoTA) increased to 1.4%.
International rating agencies have affirmed the bank’s rating at A- with a stable outlook by Fitch, and at A2/Prime-1 with a stable outlook by Moody’s.
With the introduction of several digital solutions throughout the first nine months of 2022, Dukhan Bank went the extra mile to provide its clients with more easy and smooth financial transactions. The bank enabled clients with Google Pay via its magnificent payment platform (D-Pay) as part of its digitisation goal to enable its customers to make transactions on the move. The new service provides a faster and more secure way for users to pay on websites, apps, and in stores, using payment methods maintained in their Google accounts.
Moreover, the bank has taken the industry lead by delivering a number of unparalleled additions to the retail mobile banking application, including access to time deposits, wealth management accounts, and foreign currency account services. Dukhan Bank also bolstered its digital efforts by updating its app with the (D-Pay) platform, a genuinely unique feature that offers contactless payment, removing the need to carry cash and credit cards.
The bank was the first to launch the digital credit card ‘Mastercard Digital’ and one of the first banks to provide the Apple Pay service in the Qatari market. Furthermore, Rashid, the AI-powered chatbot, is another milestone in Dukhan Bank's successful digital journey.
Rashid, an interactive, multichannel virtual assistant, is available via Dukhan Mobile, the bank's website, and WhatsApp.
On the corporate level, Dukhan Bank introduced the Corporate Banking Digital Platform, which allows corporate administrators to manage their users, handle multiple levels of approvals as required by corporate mandates, download transactions, view account statements, and fund transfers from their accounts, conduct intra-bank third party transfers, domestic and international transfers with a seamless transition between them.
Dukhan Bank’s excellent digital journey has resulted in significant development of the bank's portfolio of premier digital products and services, as well as recognition from worldwide evaluators.
In honour of its great services and creative ideas in the banking sector, Dukhan Bank was named ‘Best Consumer Digital Bank in Qatar’ by Global Finance magazine in round one of the 23rd edition of the ‘2022 World’s Best Consumer Digital Banks Awards’. The bank got two important awards in the ‘Best Integrated Consumer Banking Site’ and ‘Most Innovative Digital Bank’ categories.
Dukhan Bank’s total assets reached QR105bn as of September 30, 2022, while customer financing assets stood at QR75bn, and customer deposits amounted to QR76bn, thus ensuring financing to deposits ratio of about 97%, reflecting effective and prudent liquidity management.
Total shareholders’ equity reached QR14bn, while the total capital adequacy ratio was stable at 18% as of September 30, in full compliance with Basel-III requirements and the Qatar Central Bank regulations.
Earnings per share increased by 14% to QR1.98 from QR1.73 in 2021. The bank’s return on tangible equity (RoTE) increased to 12.1% and return on tangible assets (RoTA) increased to 1.4%.
International rating agencies have affirmed the bank’s rating at A- with a stable outlook by Fitch, and at A2/Prime-1 with a stable outlook by Moody’s.
With the introduction of several digital solutions throughout the first nine months of 2022, Dukhan Bank went the extra mile to provide its clients with more easy and smooth financial transactions. The bank enabled clients with Google Pay via its magnificent payment platform (D-Pay) as part of its digitisation goal to enable its customers to make transactions on the move. The new service provides a faster and more secure way for users to pay on websites, apps, and in stores, using payment methods maintained in their Google accounts.
Moreover, the bank has taken the industry lead by delivering a number of unparalleled additions to the retail mobile banking application, including access to time deposits, wealth management accounts, and foreign currency account services. Dukhan Bank also bolstered its digital efforts by updating its app with the (D-Pay) platform, a genuinely unique feature that offers contactless payment, removing the need to carry cash and credit cards.
The bank was the first to launch the digital credit card ‘Mastercard Digital’ and one of the first banks to provide the Apple Pay service in the Qatari market. Furthermore, Rashid, the AI-powered chatbot, is another milestone in Dukhan Bank's successful digital journey.
Rashid, an interactive, multichannel virtual assistant, is available via Dukhan Mobile, the bank's website, and WhatsApp.
On the corporate level, Dukhan Bank introduced the Corporate Banking Digital Platform, which allows corporate administrators to manage their users, handle multiple levels of approvals as required by corporate mandates, download transactions, view account statements, and fund transfers from their accounts, conduct intra-bank third party transfers, domestic and international transfers with a seamless transition between them.
Dukhan Bank’s excellent digital journey has resulted in significant development of the bank's portfolio of premier digital products and services, as well as recognition from worldwide evaluators.
In honour of its great services and creative ideas in the banking sector, Dukhan Bank was named ‘Best Consumer Digital Bank in Qatar’ by Global Finance magazine in round one of the 23rd edition of the ‘2022 World’s Best Consumer Digital Banks Awards’. The bank got two important awards in the ‘Best Integrated Consumer Banking Site’ and ‘Most Innovative Digital Bank’ categories.