D u k h a n B a n k announced yesterday QR267m net profit for the first quarter of 2021, showing a robust growth of 10.3 percent compared to the first quarter of 2020. The total assets of the b a n k , s u p p o r t e d b y f i n a n c i n g a c t i v i t i e s , increased as well significantly to QR100.4bn, accomplishing a growth of 29.7 percent compared to the same period in 2020 and of 16.3 percent compared to December 2020. The total financing assets reached QR75bn, achieving a growth of 38.3 percent compared to March 2020 and resulting in an increase of 28 percent compared to December 2020.
Customer deposits balance raised to QR68.3bn, recording a strong growth of 54.6 percent compared to March 2020 and an increase of 26.9 percent compared to December 2020. The total income for the three-month period ending March 31, 2021 increased to QR946m registering a growth rate of 4.2 percent compared to QR908m during the same period in 2020.
The total operating expenses were QR181m for the three-month period ending March 31, 2021, reduced from QR185m in the same period last year. Considering strong operating income growth and cost reduction, more operational efficiency was achieved as evident through reduction in the cost-to-income ratio, which decreased from 34 percent to 26 percent.
Shareholders’ equity raised to QR11.3bn and the total capital adequacy ratio was stable at 16.4 percent as of March 13, 2021 to meet the Basel-III requirements, while 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’ with a stable outlook by Fitch Ratings, and “A2/Prime-1” with a stable outlook by the international rating agency Moody’s.
The relentless efforts of the Board of Directors and all employees of the Bank during the past year were met with prestigious awards in several fields, Most User Friendly Mobile Banking Application – Qatar 2020, International Finance Awards, and Most Progressive Bank Award, The N e w A g e B a n k i n g Summit.
Additionally, International Business Awards granted Dukhan Bank three distinguished awards, which included Banking CEO of the Year Qatar 2020 for Khaled Al-Subeai, Best Retail Bank Qatar 2020, and The Most Innovative Bank Qatar 2020.
Moreover, Dukhan Bank won the Most Innovative Islamic Banking Product – Thara’a – Qatar, 2020, Global Business Outlook Awards 2020, and the Most Innovative Banking Brand, Qatar 2020 - Global Brands Magazine.
Moreover, the Bank also most recently earned awards for Best Corporate Digital Services Qatar 2021 and Best New Contactless Payment Platform Qatar (D-Pay) 2021 from the “World Economic Magazine”.
