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Tribune News Network
Doha
Dukhan Bank on Sunday announced that the Group’s assets grew significantly by 12 percent exceeding QR86 billion, underscored by growth in its financing activities exceeded 12.7 percent recording over QR58 billion, as compared to 2019.
Total revenues grew by 15.7 percent to reach QR3.8 billion, while profit before the loss of impairment of intangible assets and taxes exceeded QR1 billion, a growth rate of 33 percent as compared to QR766 million for the previous year.
Total expenses declined by 15.6 percent to QR939 million when compared to the previous year stemming from the Group’s efforts to control operating and financing expenses.
Following a conservative assessment on the part of the management, the Group recorded a QR450 million decline in its intangible assets from subsidiaries acquired between 2009 and 2010.
The charge was recorded in the income statement for this year, which accounted for a decrease in the net profit reaching QR566 million. The bank, however, noted that the decline does not affect the level of liquidity or adequacy of the Group’s capital nor its operating results.
Commenting on these results, Dukhan Bank Chairman and Managing Director Sheikh Mohammed bin Hamad bin Jassim Al Thani said, “Stemming from a strong resilience, we have not only managed to deal with the challenges imposed by the pandemic but has also achieved unprecedented growth at all levels. The Group has been able to overcome the impact of the decline in intangible assets due to its conservative approach in evaluating subsidiary companies and leveraging the QR600 million contingency reserve, accumulated in previous years, to manage the circumstances. Moving on, the board recommends distributing cash dividends amounting to 10 percent of the nominal value of the shares to shareholders for the year 2020.”
He said, “The most prominent event of this year for Dukhan Bank was the unveiling of its new identity, which marked the beginning of a banking journey to make Dukhan Bank ‘Qatar’s bank of choice’. Within its endeavours to confirm this position, the new identity comes in light of major positive transformations witnessed by the bank alongside ambitions to digitise its services and operations in providing operational efficiency and profitability as well as secure, safe and seamless banking experience for customers.”
Furthermore, he said, Dukhan Bank aspires to provide innovative banking products and services that meet customers’ evolving needs using the latest technological innovations in this field.
“Therefore, Dukhan Bank takes confident steps towards achieving strategic objectives in a way that enhances its position in the banking sector, grows its market share, and contributes to achieving the goals of Qatar Vision 2030,” he said.
Dukhan Bank Group CEO Khalid Yousef Al Subeai said, “Following the completion of the first merger in the Qatari banking sector in record time, we were able to realise benefits from the merger in terms of cost reduction, with the cost-to-income ratio dropping to 27.6 percent compared to 39.2 percent for 2019. The Group has succeeded in widening its customer base and market share, which reflects positively on its performance and financial results.”
Highlighted the bank’s flexibility in overcoming the impacts of COVID-19, Subeai said, “Dukhan Bank has fully coordinated with the concerned authorities in the country to respond to the aftermath of the crisis. The bank activated an extensive crisis management plan in addition to strengthening its portfolio of online banking services. These steps enabled business continuity, allowing customers to conduct all their banking transactions easily and conveniently from their homes without the need to visit any of the bank’s branches. Moreover, Dukhan Bank participated in the launch of the (COVID-19) National Guarantee Program under the directive of Qatar Central Bank to alleviate the financial pressures on private companies and small and medium-sized enterprises.”
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08/03/2021
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