The Group’s financial performance during the first nine months of 2024 demonstrated the execution of its strategy and strengthened platform for growth.
The growth in bottom-line profitability was underpinned by a 17% increase in net income from financing activities, and a 33% rise in net income from investing activities, resulting in an overall rise in total income for the Group which grew by 16%.
Growth in net income from financing activities reflected positive momentum in overall volumes coupled with better yields.
Dukhan Bank Group’s efforts to cross-sell coupled with deepened client relationships, while leveraging differentiated product strengths, fostered consistent growth in both profit and non-profit income sources.
Total assets stood at QR116.7bn, a highest level achieved in the bank’s history.
Total assets primarily comprise financing assets of QR84.9bn (73% of total assets) and investment securities of QR17.3bn (15% of total assets).
During this year, Dukhan Bank successfully expanded its financing assets, achieving an impressive 9% growth compared to the previous year, bringing the total financing book to QR84.9bn. This underscores the bank’s strategic intent to increase its market share, while ensuring efficient and balanced resource allocation.
Building on this strong performance, the non-performing loan (NPL) ratio improved, decreasing from 5.2% to 4.7% as of September 2024. This improvement is largely attributed to the bank’s effective recovery management strategies, reflecting the high quality of its loan portfolio and robust credit risk management practices.
Additionally, the Stage 3 coverage ratio reached 69%, reflecting the Group’s prudent approach towards managing non-performing loans.
The balance sheet is mainly funded by customer deposits, which were QR82.3bn at end of the financial period.
Dukhan Bank’s liquidity remained robust, with regulatory loans-to-deposits ratio of 101.2%. Total shareholders’ equity amounted to QR12.8bn.
The capital adequacy ratio (CAR) was maintained at 17.4% in accordance with Basel III requirements, adequately above the minimum supervisory ratio specified by the Qatar Central Bank.
Dukhan Bank continues to push the envelope in digital banking innovation, consistently launching new services that cater to the dynamic needs of its customers. It unveiled a fresh new look to the Dukhan Mobile app, which features an intuitive interface designed to enhance user experience, a streamlined finance and card application processes, and serves as a centralised hub for all payment needs.
Among Dukhan Bank’s latest advancements, it also introduced the ‘Request to Pay’ feature through the Fawran service on the Dukhan Mobile app. This cutting-edge functionality allows customers to send and receive payment requests instantly, revolutionising the way transactions are handled in real-time.
Alongside this, the bank’s digital suite remains robust with services such as the ‘Smart Kiosk’ for quick card issuance and the bank’s versatile ‘Himyan’ cards, designed for secure payments nationwide.
The bank’s commitment to digital excellence is unwavering, as evidenced by its comprehensive integration of Apple Pay, Samsung Wallet, and Google Pay via D-Pay, and its leadership in digital card solutions with Mastercard’s global Digital First Card programme.
