Dukhan Bank net profit jumps 12% to QR900mn in third quarter
November 28 2021 11:25 PM
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The total income for the nine-month period ending September 30, increased to QR2,943mn resulting in
The total income for the nine-month period ending September 30, increased to QR2,943mn resulting in a growth rate of 5% compared to QR2,805mn during the same period last year.

Dukhan Bank has posted a net profit of QR900mn in the third quarter, up 12% on the same period last year.
The total income for the nine-month period ending September 30, increased to QR2,943mn resulting in a growth rate of 5% compared to QR2,805mn during the same period last year.
The total expenses, including finance costs, reduced from QR730mn in 2020 to QR636mn in 2021 by 13%.
The bank’s robust financial performance in the third quarter has also resulted in its total assets increasing to QR103.5bn, 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 QR78.5bn 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 surged to QR72.9bn, 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 QR13.7bn from QR11.5bn at end of December 2020 whereas the total capital adequacy ratio stands at 18.3% (as of September 30, 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.
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. The bank has also launched the e-wallet service, the Qatar Mobile Payment service (QMP), that aligns with the QCB’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 improving customer convenience and offer a seamless banking experience, Dukhan Bank has launched its interactive, multi-channel virtual assistant “Rashid”. It 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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