Masraf Al Rayan posts net profit of QR1,452mn in 2023

Masraf Al Rayan posted a net profit of QR1,452mn in 2023, which represents an increase of 8% year on year.
Total income reached QR9.56bn in 2023 compared to QR7.14bn for the same period in the year before.
Net financing assets closed at QR108.2bn and deposits at QR92.7bn in 2023.
The cost to income (efficiency) ratio stood at 25.6% while the capital adequacy ratio was 22.05% in 2023.
The results issued are subject to the Qatar Central Bank’s approval and endorsement by shareholders at the bank’s Annual General Assembly, Masraf Al Rayan said on Tuesday.
Masraf Al Rayan chairman HE Sheikh Mohamed bin Hamad bin Qassim al-Thani stated: “Masraf Al Rayan ended 2023 on a firm footing, delivering increased profitability of QR1,452mn. Total revenues for the group rose by QR2.4bn and operating expenses decreased by QR282mn compared to last year. The results reflect strong performance, across all geographies and subsidiaries, in line with the bank’s strategic direction.”
Commenting on the year-end financial performance, Group Chief Executive Officer Fahad bin Abdulla al-Khalifa said: “Masraf al Rayan generated solid net operating income of QR3.5bn during the year, owing to diversified revenue streams from financing, investment income, fee and foreign currency activities. The bank has been successful in optimising its cost base and achieved a cost to income ratio of 25.6%.
“We continue to strengthen our balance sheet, enrich our non-performing coverage, and enhance our non-performing financing ratio. We face the coming year with confidence and energy, with a clear focus to deliver seamless, customer-first journeys through full digitisation across web, mobile, and physical touchpoints as we roll out our technology strategy.”
After reviewing the audited financials on Tuesday, Masraf Al Rayan's board of directors “was satisfied with the 2023 financial performance and recommended (subject to QCB approval) to the Annual General Assembly the distribution of a cash dividend of 10% of the nominal share value, i.e. QR0.10 per share.”