Dukhan Bank (DUBK) Q2 2024 earnings summary

Executive summary

• Net profit for the first six months of 2024 rose 3% year-over-year to QAR 784 million, driven by 18% growth in net income from financing and 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 dividend of 8% (QAR 0.08 per share) declared, subject to regulatory approval.

• Strategic focus remains on digitalization, sustainability, and maintaining market share, with strong government linkage and diversified ownership.

• 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 assets stood at QAR 114.2 billion as of 30 June 2024, nearly unchanged from QAR 114.4 billion at year-end 2023.

• Customer deposits funded 85% of liabilities, totaling QAR 84.6 billion, up 8.4% from YE 2023.

• Financing and investment income increased 25% year-over-year to QAR 3.1 billion.

• Net profit margin maintained at 2.1%.

Outlook and guidance

• Projected mid-single-digit growth in both balance sheet and net profit for full year 2024.

• Cost of risk guidance maintained at 50–55 basis points gross for the year.

• Focus on quality asset growth, NIM protection, and robust liquidity.

• Conservative provisioning strategy to build adequate buffers.

• Results for the period are not necessarily indicative of the full year ending 31 December 2024.