Tribune News Network
Doha
Dukhan Bank convened its Ordinary and Extraordinary Annual General Meeting (AGM) on Wednesday via video conference. The meeting was chaired by Dukhan Bank Chairman Sheikh Mohammed Bin Hamad bin Jassim Al Thani in the presence of 82.47 percent of the bank’s shareholders.
During the AGM, all the items on the agenda were discussed, including listening to and endorsing the board of directors’ report on the results of the bank,financial statements for 2023, and discussion of the plan for the year 2024.
The AGM also approved the board’s proposal to distribute cash dividends amounting to 16 percent of the nominal value per share, equivalent to QR0.16 per share, absolved the board members from liability for 2023, and approved the remuneration prescribed to them.
The meeting addressed the Dukhan Bank Governance Report for 2023 and approved the Corporate Governance-related policies.
The meeting also adopted the Sharia Supervisory Board report for 2023. It endorsed the external auditors’ report on the financial statements for 2023, discussed and approved the bank’s balance sheet and profit and loss for 2023, and validated them.
Moreover, the assembly nominated the bank’s external auditors for the year 2024 and determined the fees to be paid to them.
On the occasion, Sheikh Mohammed 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 QR1.3 billion, representing an increase of 4 percent compared to 2022 with an earning per share of QR0.237 per share after considering the nominal value of QR1 per share, while the total income for the year increased to QR 6.1 billion, showing significant double-digit growth of 37 percent from last year.
While net income from financing activities grew to QR4.7 billion, marking year-on-year growth of 45 percent, the bank’s total assets reached QR114 billion, and financing assets increased to QR77.5 billion with a growth of 3 percent over 2022.
The financial results showed that the bank’s total equity soared to QR12.9 billion, showing a growth of 3 percent. The total capital adequacy ratio was 17.2 percent as of 31 December 2023, according to Basel III and QCB guidelines, showing a strong and well-capitalized position of the Bank. Return on equity and assets were 11 percent and 1.2 percent respectively for the year 2023.
These encouraging financial results are 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.
Sheikh Mohammed emphasised 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, 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, 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.
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 programme.
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, assisting 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.
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 percent of the nominal value of the share to the shareholders, equivalent to QR0.16 per share, for the fiscal year ended on December 31, 2023.
The bank has informed the shareholders that their dividends for the fiscal year 2023 will be distributed from March 25, 2024.
The dividends will be deposited directly into the bank accounts of the shareholders whose details are registered with the Qatar Central Securities Depository.
