Tribune News Network
Doha
Dukhan Bank on Saturday announced that the bank has reported net profit of QR1.34 billion, representing a 3 percent growth in 2024 compared to the last year.
Commenting on the bank’s achievements, Dukhan Bank Chairman Sheikh Mohammed bin Hamad bin Jassim Al Thani said, “We take great pride in our sustained track record of exceptional performance, a testament to our unwavering commitment to delivering unparalleled value to our customers, stakeholders, and the nation at large. Over the past year, we have ascended to unprecedented milestones, demonstrating the strength and adaptability of our business models. Despite external challenges, we have upheld institutional stability, further solidifying our position as a cornerstone of progress and innovation.
“We continue our journey with a renewed focus on expanding our digital capabilities and services, investing in cutting-edge technology to enhance the customer experience and simplify banking services, making them accessible anytime, anywhere. At the same time, we remain steadfast in advancing our commitment to sustainability with consistent and deliberate steps forward.”
He said, “As we look to the future with confidence and ambition, we reaffirm our commitment to building on our strengths, relentlessly pursuing new growth opportunities, fostering innovation, and delivering greater value to our stakeholders. At the same time, we aim to expand our market share while achieving responsible and sustainable growth that aligns with the needs of society and the environment.”
Group’s financial performance during 2024 demonstrated an execution of our strategy. The growth in bottom-line profitability was underpinned by a 11 percent increase in net income from financing activities, and a 14 percent rise in net income from investing activities, resulting in an overall rise in total income for the Group which grew by12 percent.
Growth in net income from financing activities reflected positive momentum in overall volumes coupled withbetter yields.
The group’s total assets remained at historic levels at QR117.9 billion. Total assets primarily comprise of financing assets of QR86.2 billion (73 percent of total assets) and investment securities of QR19.9 billion (17 percent of total assets).
During this year, the Bank successfully expanded its financing assets, achieving an impressive 11 percent growth compared to the last year, bringing the total financing book to QR 86.2 billion. This underscores the Bank’s strategic intent to increase its market share, while ensuring efficient and balanced resource allocation.
Building on this strong performance, the non-performing loan (NPL) ratio improved, decreasing to 4.6 percent as of December 2024 (5.4 percent as of December 2023). This improvement is largely attributed to the Bank’s effective recovery management strategies, reflecting the high quality of its loan portfolio and robust credit risk management practices.
Additionally, the stage 3 coverage ratio improved to 73.1 percent (December 2023: 69.9 percent), reflecting the Group’s prudent approach towards managing non-performing loans.
The balance sheet is mainly funded by customer deposits, which were QR86.4 billion at end of the financial period. Additionally, the Bank successfully issued a $800 million 5-year senior unsecured Sukuk – the largest issue size achieved by a Qatari Islamic bank since 2020.
The success of this transaction is reflective of the strength of the Qatari economy and Dukhan Bank’s strong credit fundamentals.
