Net Profits of Two Qatari Banks Grew in 2024
Two prominent commercial banks in Qatar – Doha Bank and Dukhan Bank – on Sunday reported growth in their respective net profits by 10.7% and 3 % for the financial year ending 31 December 2024.
While Doha Bank said that its net profit stood at $233.06 million in 2024, registering a growth of 10.7% from $210.50 million for the same period of the previous year, Dukhan Bank announced that its net profit grew to $370 million, registering a growth of 3% compared with the previous year.
Doha Bank, while releasing the interim financial statement for the twelve-month period ending 31 December 2024, also revealed the Earnings per share(EPS) increased marginally from $$0.068 in 2023 to $0.074 this year.
Doha Bank’s Board of Directors also passed a resolution in its meeting, recommending to the General Assembly of the Shareholders to approve the distribution of cash dividends of $0.027 per share, an equivalent of 10% of the paid-up capital.
Doha Bank Chairman Sheikh Fahad bin Mohammed bin Jabor Al Thani said that total assets as of 31 December 2024 reached $30.18 billion, achieving a growth of $2.46 billion or 8.9% compared with $27.72 billion in the same period last year.
Doha Bank’s Managing Director Sheikh Abdulrahman bin Mohammed bin Jabor Al Thani said that the bank continued to maintain the strength of its capital and liquidity positions, with the Common Equity Tier 1 ratio reaching 13.3%, and the total capital adequacy ratio reaching 19.6%.
Doha Bank Group CEO Sheikh Abdulrahman bin Fahad bin Faisal Al Thani said that the bank has achieved an improvement in its financial performance on an annual basis thanks to a series of measures implemented during the strategic transformation process within the Himma program, revealing plans to expand low-cost liabilities and enhance profitable assets, which will contribute to consolidating the bank’s sustainability and stability.
Dukhan Bank
After reviewing current year’s financial performance, with an assessment of the present and anticipated liquidity position, and considering the prevailing and future macroeconomic conditions along with the business outlook, the Board of Directors has proposed an additional cash dividend distribution of 8% of the nominal share value (equivalent to $0.022 per share), subject to the approval of Qatar Central Bank and shareholders at the Annual General Assembly meeting.
The proposed dividend combined with the interim dividend takes the total dividend distribution for the financial year 2024 to 16% of nominal share value, which was equivalent to $0.044 per share.
Bank’s Chairman Sheikh Mohammed bin Hamad bin Jassim Al Thani said that they were taking pride in their sustained track record of exceptional performance, a testament to the bank’s 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 added.
