Dukhan Bank net profit grows 2% to in first 6 months of 2023: Qatar

Dukhan Bank net profit grows 2% to in first 6 months of 2023: Qatar

Dukhan Bank on Sunday announced its financial results for the six-month period ended 30 June 2023, with a net profit amounting to QAR 761 million, representing a 2 percent growth compared to the same period of last year. A moderate growth in net profit of 2 percent was mainly attributed to the rise in net income from financing activities, which led to an overall increase in total income for the Group, which grew by 38percent. Further decline in net impairment charge owing to better recoveries, also supported the overall growth in the net profitability. Moreover, net profit margins for the Group remained resilient and stood around 2 percent level from last year, despite the increase in interest rates during this period. The Group’s total assets stood at QR103 billion, which mainly comprise of financing assets of QR75 billion (73 percent), followed by investment securities of QR19 billion (19 percent). The balance sheet is mainly funded by customer deposits, which were QR72 billion at end of the reporting period. Due to which the Group’s liquidity position remained robust with the regulatory loans-to-deposit ratio of 102.6 percent. Total shareholders’ equity remained above QR12.4 billion, and the capital adequacy ratio maintained at 18.4