Dukhan Bank, one of the leading financial institutions in Qatar, has achieved a record net profit of QAR1.34 billion ($356 million) for FY 2024, thus reflecting a 3% annual growth.

 

Announcing the results for the year ended December 31, Dukhan Bank said its highest-ever profitability was underpinned by a persistent year-on-year growth in total income of 12%. The Qatari group's total assets reached QAR117.9 billion remaining at historic levels. 

 

Impressed with the results, the Board of Directors proposed an additional cash dividend distribution to the shareholders of 8% of the nominal share value (QAR 0.08 per share), thus taking the total cash dividend for the financial year 2024 to 16% of the nominal share value (QAR 0.16 per share).

 

These are subject to QCB approval and shareholders’ approval at the AGM, said Dukhan in a statement.

 

On its key highlights, Dukhan bank said it had successfully issued a $800 million senior unsecured sukuk (Islamic bond) for a five-year tenure. 

 

This, it stated, was the largest issue size achieved by a Qatari Islamic bank since 2020.

 

 Also the Qatari bank had achieved an impressive yearly growth of 11% in financing books.

 

On the solid performance, 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," he stated.

 

Sheikh Mohammed said: "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 noted.

 

"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," he added.