Dukhan Bank discloses its financial results for the year ending 31 December 2022 following successful listing on the Qatar Stock Exchange
• Robust year-on-year total income growth of 10%, amounting to QAR 4.5 billion in 2022;
• Annual net profit grew by 5% to QAR 1.25 billion in 2022;
• Total assets reached QAR 106 billion at end of 31 December 2022;
• Financing assets to deposits ratio of 100% reflecting strong liquidity position of the Bank;
• The Board of Directors proposed a cash dividend of 16% of nominal share value post conversion to a public shareholding company (QAR 0.16 per share) subject to QCB and AGM approval.
Doha, Qatar - 14 March 2023: Dukhan Bank disclosed its financial results for the year ending 31 December 2022, showing the Bank’s growth journey at various levels, with a net profit of QAR 1.25 billion, representing an increase of 5% compared to 2021, with an EPS of QAR 0.227 per share, post considering nominal value of QAR 1 per share.
This comes after the Bank’s transformation into a Qatari public shareholding company by listing its shares on the Qatar Stock Exchange and commencement of trading from 21 February 2023.
The total income for the year increased to QAR 4.5 billion, showing a solid double-digit growth of 10% from last year, while net income from financing activities also grew to QAR 3.2 billion, marking year-on-year growth of 10%. Overhead expenses were below last year by 4% from QAR 782 million to QAR 750 million.
Total assets reached QAR 106 billion and financing assets increased to QAR 76 billion with a growth of 1% over last year. The balance sheet is mainly funded by customer deposits, which reached QAR 75 billion. The regulatory LDR was maintained at 100% level, asserting prudent liquidity management by the Bank.
The Bank’s total equity soared to QAR 12.5 billion, representing a growth of 3%, whereas the total capital adequacy ratio was 18.3% as of 31 December 2022, in accordance with Basel III and QCB guidelines, showing strong and well capitalized position of the Bank. Return on equity and assets were 11% and 1.2% respectively for the year 2022. The Bank has been rated "A2" and “A-” by Moody’s and Fitch respectively with a stable outlook.
Reflecting on the robust performance, Dukhan Bank’s Board of Directors proposed a dividend distribution to shareholders of 16% or QAR 0.16 per share, post considering nominal value of QAR 1 per share after its conversion to a public listed company, increased from QAR 0.14 per share or 14% of the nominal share value last year, subject to approval of general assembly meeting of the shareholders and Qatar Central Bank.
Commenting on the achievement, H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman & Managing Director of Dukhan Bank, said:
“We are very pleased that Dukhan Bank has continued its progressive growth journey, which led to improved financial performance that resulted in achieving solid growth, supported by stability, resilience and high-performance of the Qatari banking sector during the year 2022. The outstanding performance is also attributed to the exceptional hosting of the 2022 FIFA World Cup by the State of Qatar; and the contribution that we have made to ensure its success by supporting our customers and Qatar’s guests with innovative and secured banking services. This financial report is of particular importance to the Bank’s management and shareholders as Dukhan Bank recently recorded a significant milestone by successfully listing its shares on the Qatar Stock Exchange, transforming into a Qatari public shareholding company. This step will enable us to share the positive results of the Bank’s successful growth journey over the years with a broader base of investors”.
Noting the financial results, the Board of Directors stated:
“The importance of the Environmental, social, and corporate governance (ESG) strategy launched by the Bank in 2022 was highlighted in the meeting. The Bank aims to be placed in a leading position within Qatar’s transition to a sustainable society, helping to build a future in which economic growth and sustainability are aligned in accordance with Qatar’s National Vision 2030 with an increased focus on the bank digital transformation strategy in order to provide its more than 150,000 customers base an easy, secure and seamless banking experience”.
Consistent performance and prestigious awards
Dukhan Bank's goal is to maintain its position as an Islamic bank with integrated services and solutions. One of the most prominent results of the merger was strengthening the Bank's capital position and improving growth opportunities at various levels. Dukhan Bank’s efforts were crowned with several prestigious awards from Global Finance for the year 2022, including the “Best Digital Retail Bank”, “World’s Best Islamic Private Bank” and “Outstanding Innovation in Mobile Banking” awards.
Advanced digital services
Through a wide network of branches, Dukhan Bank offers an advanced portfolio of innovative banking services and products. To make banking transaction more convenient, seamless, and easily accessible to growing customers, Dukhan Bank has introduced various digital services and products such as the Apple Pay and Google Pay services, operating through its contactless payment platform (D-Pay), the first prepaid digital card in Qatar on its mobile app, as well as AI-powered virtual assistant "Rashid" to assist customers virtually on its digital platforms, mobile app, website and WhatsApp.
Dukhan Bank is one of the fastest growing Islamic banks in Qatar and the region, licensed and regulated by the Qatar Central Bank. Recently, the bank listed its shares for trading on the Qatar Stock Exchange through direct listing in line with its long-term strategy enabling customers, shareholders and eligible investors to join its pioneering journey. The Bank provides an award-winning and full range of Shari’ah-compliant banking services, including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments, wealth and asset management.
