• The Bank’s achieved a significant milestone by listing its shares on the Qatar Stock Exchange and transforming into a Qatari public shareholding company
• Robust year-on-year total income growth of 10%, at 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;
Doha – Qatar, 14 April 2023: Dukhan Bank convened its ordinary Annual General Meeting (AGM) on Wednesday April 12, 2022 via video conference. The meeting was chaired by H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman of the Board of Directors, in the presence of 88.67% of the Bank’s shareholders.
During the AGM, all the items on the agenda were discussed, including listening to and approving the Board of Director's Report on the results of the Bank and financial statements for year ended December 31, 2022, and discussion of the plan for the year 2023.
The AGM also approved the Board’s recommendation to distribute cash dividend amounting to 16% of the nominal value per share at the rate QAR 0.16 per share, absolved the Board members from liability for the year ended December 31, 2022 and approved of the remuneration prescribed to them.
The meeting also adopted the Sharia Supervisory Board report for year ended December 31, 2022, and endorsed the external auditors' report on the financial statements for the year ended December 31, 2022, as well as discussed and approved of the Bank's balance sheet and profit and loss for the year ended December 31, 2022 and validated them. Moreover, the assembly nominated the external auditors of the Bank for the year 2023 and determined the fees to be paid to them.
Impressive Financial Performance across board
H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman of the Board of Directors, presented a comprehensive report on the bank’s activities and financial outlook, highlighting the most significant results achieved in 2021. The bank recorded a net profit of QAR 1.25 billion, representing an increase of 5% compared to 2021 with an Earning Per Share of QAR 0.227 per share after considering nominal value of QAR 1 per share, while 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 grew to QAR 3.2 billion, marking year-on-year growth of 10%, the Bank’s total assets reached QAR 106 billion and financing assets increased to QAR 76 billion with a growth of 1% over 2021.
The financial results showed that the Bank’s overhead expenses reduced from QAR 782 million in 2021 to QAR 750 million in 2022, representing 4% decline whereas the Bank’s total equity soared to QAR 12.5 billion, showing a growth of 3%. 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.
These encouraging financial results is a reflection of the bank’s sustained strong performance, its leading position in the Qatari market and the integrity of the risk management systems it follows.
H.E. Sheikh Mohammed added that the Bank's exceptional performance can also be attributed to the adoption of digital transformation that have contributed significantly to providing easy-to-use and seamless financial services to customers to enable them to complete their transactions on the go. In addition, the bank boosted its online banking portfolio by enhancing its website and mobile application, improving the efficiency of the call center, and using Dukhan Bank’s contactless payment methods.
The achievements also contributed to the positive evaluation of long-term foreign exchange ratings from international credit rating agencies. H.E. Sheikh Mohammed further pointed out that the Bank has been rated 'A2' and “A-” by Moody’s and Fitch respectively with a stable outlook, reflecting the strength of the Qatari economy as well as the bank’s strong financial assets position and an ability to play a leading role in the Islamic banking sector in Qatar.
Sustained revolutionary digital transformation
Dukhan Bank continued its digital transformation trajectory with more vigor and commitment to provide operational efficiency, improved profitability and a safe and seamless banking experience for customers. This progress was a culmination of the Bank’s unrelenting introduction of innovative digital products and services that enable customers to carefully plan their day-to-day finances according to their changing financial needs.
In 2022, Dukhan Bank scaled up its digital products with the launch of Mastercard’s global Digital First Card program, making the Bank the first partner in Qatar to join the global program. Through the program, Dukhan Bank has been issuing digital prepaid cards to provide seamless digital banking solutions to enhance customers' experience.
As part of its efforts to provide hassle-free services for its customers, Dukhan Bank added new digital products to the Dukhan Pay (D-Pay), its contactless payment platform. The year saw the launch of Google Pay, a faster, more secure way to pay on sites, in applications and in stores using the payment methods saved in their Google Account; and the introduction of Samsung Wallet, a mobile payment solution that enables customers to make secure contactless payments at online, on-site and in-store outlets around the world.
The Bank also unveiled Investment Tracking, a new digital feature for private banking customers to assist them to view their investment portfolios at ease; and launched its direct remittance service to India, allowing customers to send remittances directly to India from Dukhan Bank’s app safely and securely within 60 seconds.
Global accolades for transformation efforts
Dukhan Bank’s consistent efforts during the past year earned its various international accolades and prestigious global awards. These included the Best Consumer Digital Bank in Qatar at the 2022 World’s Best Consumer Digital Banks Awards (Global Finance). Under this category, the bank won the Best Integrated Consumer Banking Site and the Most Innovative Digital Bank; 9 accolades at MEED’s Excellence Banking Awards 2022 – including Best Private Bank in Qatar, MENA Private Banker of the year, MENA Digital Bank of the year, and MENA Most Innovative Bank of the year, as well as Best Use of AI in FS, Excellence in Omnichannel Integration, and the Best Multichannel & Best Next Generation Offering categories for its virtual assistant Rashid; and Outstanding WM Service for the Affluent for its range of Shariah-compliant wealth management.
The Bank also took home Outstanding Innovation in Mobile Banking from Global Finance in The Innovators 2022 Awards; and World’s Best Islamic Private Bank award at Global Finance World’s Best Islamic Financial Institutions Awards for 2022.
Based on the decision of the Ordinary General Assembly of Dukhan Bank held on April 12, 2023 to distribute cash dividends of 16% of the nominal value of the share to the shareholders at the rate of QAR 0.16 per share for the fiscal year ending on December 31, 2022, Dukhan Bank (P.S.Q.C) is pleased to inform the honorable shareholders that their dividends for the fiscal year 2022 will be distributed from Sunday, April 16, 2023.
The dividends will be deposited directly into the bank accounts of the shareholders whose details are registered with Qatar Central Securities Depository, or at the Bank's Shareholders' Affairs Department.
The shareholders who have not registered their bank account must update their details at the Shareholders Affairs Department (2nd floor) at the bank’s headquarters located at Suhaim bin Hamad Street, by filling the data update form, available on the website, alongside the official documents.