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Tribune news network
Dukhan Bank on Sunday released its financial results for the third quarter of 2021, recording a net profit of QR900 million, thus implying a 12 percent robust growth compared to the same period of last year.
The total income for the nine-month period ending September 30, increased to QR2,943 million resulting in a growth rate of 5 percent compared to QR2,805 million during the same period in 2020. The total expenses, including finance costs, reduced from QR730 million in 2020 to QR636 million in 2021 by 13 percent.
The bank’s robust financial performance in the third quarter has also resulted in its total assets to increase to QR103.5 billion, representing a significant growth of 29 percent compared to the same period in 2020 and a growth of 20 percent compared to December 2020.
Financing assets continued to grow steadily, reaching QR78.5 billion with a growth of 40 percent compared to the same period in 2020 and an increase of 34 percent compared to December 2020. Further, customers’ deposits balance raised to QR72.9 billion, which equally supported the growth, increased by 56 percent compared to the same period in 2020 and by 35 percent compared to December 2020.
The bank’s total equity soared to QR13.7 billion from QR11.5 billion at end of December 2020 whereas the total capital adequacy ratio stands at 18.3 percent as of 30 September 2021, in accordance with the Basel III guidelines, maintaining a sufficient buffer above the minimum supervisory ratio as specified by the Qatar Central Bank and Basel Standards.
Moreover, the Bank has been affirmed rating of ‘A’ by Fitch Ratings, and “A2/Prime-1” with a stable outlook by the international rating agency Moody’s.
In line with its robust digital transformation strategy, Dukhan Bank has released a series of products and services that seek to enhance the value for its customers. During 2021, Dukhan Bank launched its Dukhan Pay (D-Pay) platform that enables contactless payments with Apple, Fitbit and Garmin Pay as well as with Dukhan Bank wearable bracelets.
Moreover, Dukhan Bank has also launched the e-wallet service, the Qatar Mobile Payment service (QMP), that aligns with Qatar Central Bank’s Qatar Mobile Payments initiative and allows customers to make instant transfers and transactions with other wallets registered under QMP freely and hassle-free at any time.
The bank also offers one of the most user-friendly mobile applications that provide a uniquely customer-centric banking
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