Dukhan Bank (DUBK) Q2 2024 earnings summary

Executive summary

• Net profit for the first half of 2024 rose 3% year-over-year to QAR 784 million, driven by 18% growth in net income from financing and a 34% rise in investing activities income.

• Total assets reached QAR 114.2 billion as of June 2024, with financing assets comprising 72% and investment securities 15%.

• Interim consolidated financial statements for H1 2024 reviewed with no material misstatements identified by the independent auditor.

• Focus remains on digitalization, sustainability, and maintaining market share amid policy rate changes.

• Recognized with multiple awards for digital innovation, private banking, and customer service excellence.

Financial highlights

• Net profit attributable to equity holders for H1 2024 was QAR 784.1 million, up from QAR 760.6 million in H1 2023.

• Total income for H1 2024 grew 15% year-over-year to QAR 3,286 million.

• Customer deposits stood at QAR 84.6 billion, funding 85% of liabilities and up 8.4% from YE 2023.

• Net income from financing and investing activities for H1 2024 reached QAR 2.66 billion, compared to QAR 2.17 billion in H1 2023.

• Net profit margin maintained at 2.1%.

Outlook and guidance

• Interim dividend of 8% (QAR 0.08 per share) declared, subject to regulatory approval, reflecting confidence in future prospects.

• Projected mid-single-digit balance sheet and net profit growth for full year 2024, aligned with GDP growth.

• Focus on Wholesale and Private Banking segments, emphasizing quality asset growth and operational efficiency.

• Net interest margin guidance remains at +10 basis points for the year.

• Cost of risk guidance maintained at 50-55 basis points gross.