Qatar PR Network, Online Press Release from qatar and Doha city
 
Business, Banking, Investment, Insurance(Banking & Investments)
Filter PR by
  
Dukhan Bank's Agm Approves 16% Cash Dividend For Shareholders, Equivalent To Qar 0.16 Per Share
 

The Bank recorded a historic annual net profit of QAR 1.3 billion in 2023;

•   Significant year-on-year total income growth of 37%, at QAR 6.1 billion in 2023;

•   Total assets reached QAR 114 billion at end of 31 December 2023.

Doha – Qatar, 20 March 2024: Dukhan Bank convened its Ordinary and Extraordinary Annual General Meeting (AGM) on Wednesday March 20, 2024, 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 82.47% of the Bank’s shareholders.

During the AGM, all the items on the agenda were discussed, including listening to and endorsing the Board of Director's Report on the results of the Bank and financial statements for year ended December 31, 2023, and discussion of the plan for the year 2024.

The AGM also approved the Board’s proposal to distribute cash dividend amounting to 16% of the nominal value per share, equivalent to QAR 0.16 per share, absolved the Board members from liability for the year ended December 31, 2023 and approved of the remuneration prescribed to them.

The meeting addressed the Dukhan Bank Governance Report for the year 2023 and approved the Corporate Governance related policies.

The meeting also adopted the Sharia Supervisory Board report for year ended December 31, 2023, and endorsed the external auditors' report on the financial statements for the year ended December 31, 2023, as well as discussed and approved of the Bank's balance sheet and profit and loss for the year ended December 31, 2023 and validated them. Moreover, the assembly nominated the external auditors of the Bank for the year 2024 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 2023. The bank recorded a historic net profit of QAR 1.3 billion, representing an increase of 4% compared to 2022 with an Earning Per Share of QAR 0.237 per share after considering nominal value of QAR 1 per share, while the total income for the year increased to QAR 6.1 billion, showing a significant double-digit growth of 37% from last year. While net income from financing activities grew to QAR 4.7 billion, marking year-on-year growth of 45%, the Bank’s total assets reached QAR 114 billion and financing assets increased to QAR 77.5 billion with a growth of 3% over 2022.

The financial results showed that the Bank’s total equity soared to QAR 12.9 billion, showing a growth of 3%. The total capital adequacy ratio was 17.2% as of 31 December 2023, in accordance with Basel III and QCB guidelines, showing strong and well capitalized position of the Bank. Return on equity and assets were 11.0% and 1.2% respectively for the year 2023.

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 emphasized that the Bank's outstanding performance results from a steadfast commitment to the future and investments in advanced digital capabilities, enhancing customer service and streamlining banking processes. He highlighted the Bank's successful listing on the Qatar Stock Exchange (QSE) as a strong testament to shareholders' trust and confidence.

Furthermore, H.E. Sheikh Mohammed pointed out the Bank's resilient business models that have effectively navigated challenges, reinforcing the institution's overall stability. The Bank has also made substantial social contributions and significant strides in sustainability initiatives, both in operations and corporate culture, positioning itself as a leader in Qatar's banking sector.

Concluding his remarks, H.E. Sheikh Mohammed affirmed the Bank's dedication to leveraging core strengths for discovering new opportunities, fostering innovation, and delivering exceptional value to shareholders. Simultaneously, the Bank aims to expand its market share with a focus on sustainable growth.

Enhanced digital services

Dukhan Bank persistently advances its digital transformation journey by strategically situating branches throughout the country, offering a comprehensive range of state-of-the-art banking services and products. This initiative is geared towards improving accessibility, streamlining processes, and providing convenience to a growing customer base. It aligns with Dukhan Bank's dedication to innovation, showcasing a continuous introduction of modern digital services and products that facilitate smooth banking transactions.

A noteworthy expansion to the Bank's portfolio is the recent introduction of eco-friendly vehicle finance, encouraging customers to invest in electric or hybrid vehicles with an appealing and competitive profit rate. This move exemplifies Dukhan Bank's commitment to environmentally conscious initiatives while maintaining a focus on providing innovative financial solutions.

Moreover, Dukhan Bank has implemented the Smart Kiosk, a self-service machine designed to simplify and expedite the card printing process for clients securely. The introduction of the 'Himyan' prepaid card, the first Qatari national prepaid card, empowers both customers and visitors to make secure payments. Demonstrating a commitment to technological advancements, Dukhan Bank has unveiled Apple Pay, Samsung Wallet, and Google Pay services, seamlessly integrated into the Bank’s contactless payment platform (D-Pay).

Dukhan Bank proudly introduced the first prepaid digital card in Qatar through its mobile app, building on the distinction of being the initial partner in Qatar to join Mastercard's global Digital First Card program. Aligning with the Bank’s dedication to customer support, the AI-powered virtual assistant 'Rashid' was introduced. This virtual assistant is available across digital platforms, including the mobile app, website, and WhatsApp, providing assistance to customers.

Furthermore, Dukhan Bank has initiated the listing of its shares for trading on the Qatar Stock Exchange through a direct listing. This strategic decision aligns seamlessly with the Bank's long-term vision, extending an invitation to customers, shareholders, and eligible investors to actively participate in its pioneering journey. Dukhan Bank takes pride in providing an award-winning and comprehensive range of banking services that encompass retail, corporate and commercial banking, private banking, real estate finance, structured finance, investments, as well as wealth and asset management.

Unwavering excellent performance and prestigious awards


In recognition of its steadfast commitment to customer-centric services and outstanding performance, Dukhan Bank continues to garner international acclaim and prestigious awards. In 2023, the Bank has received several notable accolades, including four Global Finance Awards: World’s Best Islamic Private Bank, Best Integrated Consumer Banking Site – Qatar, Best Mobile Banking Adaptive Site – Qatar, and Best Mobile Banking Adaptive Site – Middle East. Additionally, Dukhan Bank secured four distinctions at the MENA Banking Excellence Award 2023, winning Best Private Bank – Qatar, Best Multi-Channel Offering, Excellence in Omni-Channel Integration, and MENA Private Banker of the Year – Chaouki Daher. The Bank also earned the esteemed 'Most Innovative Islamic Card Product of 2023' award for its cutting-edge digital prepaid card at The Banker magazine's awards ceremony. Furthermore, Euromoney's Islamic Finance Awards 2023 recognized Dukhan Bank as the 'Most Transformed Islamic Bank in Qatar 2023.' The Bank achieved three prestigious global rankings by Euromoney magazine, showcasing excellence in digital transformation, social responsibility, and corporate banking.

Dividend Distribution

Based on the decision of the Ordinary and Extraordinary General Assembly of Dukhan Bank held on March 20, 2024 to distribute cash dividends of 16% of the nominal value of the share to the shareholders, equivalent to QAR 0.16 per share, for the fiscal year ended on December 31, 2023. Dukhan Bank is pleased to inform the honorable shareholders that their dividends for the fiscal year 2023 will be distributed from Monday, March 25, 2024.

The dividends will be deposited directly into the bank accounts of the shareholders whose details are registered with Qatar Central Securities Depository.

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 17501 times
PR Category : Banking & Investments
Posted on : Thursday, March 21, 2024  9:06:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of QatarPRNetwork.com.
Previous Story : QIC Group Honors Staff at Long Service Award Ceremony
Next Story : QIC Opens Edutainment Branch at KidzMondo Doha
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Watches & Wonders 2024 Unico: Hublot's Manufacture Calibre [31997-Views]
Bremont introduces a new generation of its Supermarine diving watch series [26352-Views]
Hysek reveals iconic timepieces at Watches & Wonders 2024 [25767-Views]
Slay the sun-kissed girl makeup look: Your Ultimate Guide [24940-Views]
Catrice Cosmetics Introduces the Clean Girl Makeup Look with New Essentials! [24805-Views]
Khabib's Official Training Gloves Will Be Sold at Tooba Charity Auction in Dubai [19454-Views]
Ogilvy Appoints Antonis Kocheilas Global Chief Transformation Officer [18515-Views]
Ground Handling Priorities: Safety, Global Standards and Sustainability [12356-Views]
Packed crowds flock to Friday's races at the AlUla Camel Cup 2024 [11138-Views]
Make your Vishukkani last forever Tanishq Launches Exclusive Vishu Collection [9170-Views]
Catrice Unveils the Spring/Summer 2024 Collection: Introducing Shine Bomb Lip Lacquer! [6115-Views]
Unleash Your Inner Royalty with “Call me Queen” Dramatic False Lash Effect Mascara by essence [6087-Views]
WFP News Video: WFP Warns Unprecedented Drought and Floods Causing Surge in Climate Related Hunger [5277-Views]
POCO Sets New Standard with Global Launch of F-Series in Dubai [5026-Views]
Mansour bin Mohammed congratulates Hamdan bin Mohammed on the Qatar-UAE Super Shield crown [4232-Views]
Visit Qatar to take centre stage at Arabian Travel Market [4052-Views]
Elevate Eid Celebrations with Coya's Culinary Extravaganza [3667-Views]
Qatar Airways to Participate in ATM Dubai 2024 with the World's First AI Digital Human Cabin Crew, S... [3608-Views]
WCM-Q students publish comprehensive research into microbiome-based diabetes therapies [3586-Views]
Ooredoo Group Highlights Impactful Ramadan Initiatives Across Operations [3492-Views]
 
RSS Facebook Twitter LinkedDin QatarPRNetwork.com on Instagram
 
Top Sections
 
Top Stories