Doha, Qatar – 29 October 2023: Dukhan Bank (“the Bank” or “the Group” when referred along with its subsidiaries; QSE Ticker: DUBK), announced its financial results for the nine-month period ended 30 September 2023 with a net profit amounting to QAR 1.1 billion, representing a 2.5% growth compared to the same period of last year.
Analysis of Group’s financial performance – 9M 2023 Vs. 9M 2022
|
Key financial performance indicators
Amounts in QAR’ millions
|
9M
2023
|
9M
2022
|
Growth (%)
|
|
Net income from financing activities
|
3,324
|
2,245
|
+48.0%
|
|
Total income
|
4,367
|
3,152
|
+38.5%
|
|
Net profit
|
1,107
|
1,081
|
+2.5%
|
|
Earnings per share (QAR)
|
0.203
|
0.198
|
+2.5%
|
A moderate growth in net profit of 2.5% was mainly attributed to the rise in net income from financing activities, which led to an overall increase in total income for the Group which grew by 38.5%. Further decline in net impairment charge owing to better recoveries, also supported the bottom-line profitability on an overall basis. Net profit margins for the Group remained resilient and stood around 2.5% level, despite persistently higher policy rates prevailed throughout the period.
Analysis of Group’s financial position
|
Key financial position indicators
Amounts in QAR’ millions
|
30 Sep 2023
|
31 Dec 2022
|
Growth (%)
|
|
Financing assets
|
75,820
|
75,677
|
+0.2%
|
|
Total assets
|
112,629
|
106,276
|
+6.0%
|
|
Total deposits
|
76,996
|
74,545
|
+3.3%
|
The Group’s total assets stood at QAR 113 billion, which mainly comprise of financing assets of QAR 76 billion (67.3% of total assets), followed by investment securities of QAR 19 billion (17.2% of total assets).
The balance sheet is mainly funded by customer deposits, which were QAR 77 billion as at end of the reporting period. Group's liquidity position remained robust with regulatory loans to deposit ratio of 96.5%. Total shareholders’ equity remained above QAR 12.7 billion, and the capital adequacy ratio maintained at 17.7% in accordance with Basel III requirements, adequately higher than the minimum supervisory ratio as specified by the Qatar Central Bank.
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