Qatar Dukhan Bank’s third-quarter profit rose 3.4%

Qatar Dukhan Bank’s net profit for the third quarter of 2023 increased by 3.4% year-on-year to about 347 million riyals.

Dukan Bank’s profit – in accordance with the rules of Islamic Sharia – increased by 2.5% to about 1.11 billion riyals at the end of the first nine months of the current year, with net income from financial activities rising by 48%. 3.32 billion riyals, with a decrease in net provisions as a result of the improvement, according to CNBC, collections.

Last April, the Ordinary General Assembly of Qatari Dukhan Bank approved the recommendation of the board of directors to distribute a cash dividend to shareholders for 2022 at the rate of 16% of the capital, 16 dirhams per share, for a total of 838. million riyals, which is 67% of the net profit for the year. Fiscal 2022.

Shareholders of New Islamic Banks in Qatar also approved the reports of the Board of Directors and the Sharia Supervisory Board, and approved the final financial statements for 2022, which showed a 5% increase in net profit to reach 1.25 billion riyals. , supporting a 10% increase in total revenue to 4.45 billion riyals. The net provision for impairment of net assets decreased 22% to 671.3 million riyals.

Dukhan Bank (formerly Barwa Bank) is the result of the first merger in Qatar’s banking sector, which brought together Barwa Bank and Qatar International Bank in 2019. Its customer base includes more than 130,000 customers, and the bank has total assets of 75.4 billion riyals.