Masraf Al Rayan achieves QR385mn net profit in Q1

Masraf Al Rayan has reported a net profit of QR385mn in the first quarter of 2023.

HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani, who is also chairman of the board, said Masraf Al Rayan’s total income for Q1 2023 stood at QR2.27bn, up by 46% from QR1.55bn Q1 2022.

“This reflects stable revenues from our banking activities. Our capital base is robust, with capital adequacy ratio of 20.73%. We have strong funding and liquidity profile and a healthy liquidity coverage ratio above the regulatory requirement.

“During this quarter, we have laid the foundation stone of process enhancement to enrich the customer experience through greater investment in technology,” Sheikh Mohamed said.

Net financing assets closed at QR117bn, versus QR118bn at year-end 2022. Deposits closed at QR94bn, compared to QR97bn as of Q4 2022.

Fahad bin Abdulla al-Khalifa, Masraf Al Rayan Group CEO, said: “We are pleased to announce a net profit for the first quarter of QR385mn, which is lower than the prior year due to the rising cost of fund. Our overall key financial indicators remain strong. The bank’s financing portfolio stood at QR117bn and total assets at QR162bn, as well as net operating income of QR897mn.

“Our cost-to-income ratio improved to 25.8%, down from 28.9% for the same period last year. We will continue to maintain and improve our efficiency across all functions of the business. We also continue to prioritise prudent risk management, while wisely seeking opportunities to grow our business and enhance our shareholders value.”