Masraf Al Rayan
Masraf Al Rayan has achieved a net profit of QR1.05bn in the first half of this year, up 5.3% on the same period in 2015.
Masraf Al Rayan chairman and managing director Dr Hussain al-Abdulla underlined that “the bank maintained progress, in spite of all the difficult conditions experienced by the financial markets as a result of lower oil prices, regional, global and other events that formed the great challenges and created an atmosphere of instability in the markets.”
Masraf Al Rayan Group chief executive officer Adel Mustafawi stated that “the results came within the expected limits, which are included in the business plan adopted by the Board of Directors, thereby bypassing all the difficult conditions that prevailed during the first half of 2016, led by tightened liquidity.”
Masraf Al Rayan said it has seen a growth in its total assets in the first half of 2016; to QR88.4bn compared with QR81.6bn in the same period last year, which represents a growth of 8.3%.
The bank’s return on assets continued to be one of the highest in the market at 2.38%. The return on shareholders’ equity reached 17.87% compared to 18.09% for the same period of 2015.
Masraf Al Rayan’s earnings per share (EPS) for the period reached QR1.401 compared to QR1.331 for the same period last year.
The book value per share reached QR15.68 in June this year, compared to QR14.71 in the corresponding period last year.
The bank’s capital adequacy ratio reached 18.01% (Basel-III standards) compared to 18.35% in June last year.
Masraf Al Rayan’s non-performing loans (NPL) ratio of 0.08% in June this year reflected a “very strong and prudent” credit risk management policies and procedures.
The bank said it is “committed to improve its products, and the development of services provided to customers and to benefit from the rapid development of technologies that provides the greatest flexibility and ease of transactions, taking care to provide those services the high quality equivalent to international standards.
Masraf Al Rayan, in coordination with the Qatar Exchange and the Qatar Financial Market Authority, will introduce an investment fund, “Tradable Investment Fund ETF”.
The fund will be dealing in equities listed on the Qatar Stock Exchange that are compatible with the provisions of Islamic Shariah based on Al Rayan Islamic index in Qatar Exchange. The fund will be introduced before the end of this year.
The management of Masraf Al Rayan maintains a “resourceful strategy” to develop all employees, especially Qataris, by participating in a number of leadership and specialised programmes in collaboration with the Qatar Finance and Business Academy.
Masraf Al Rayan has more than 30% Qatarisation rate.
Also, Masraf Al Rayan presented summer training for a group of Qatari students from Qatar University and other universities, in collaboration with the Ministry of Labour and Social Affairs.
In June this year, Masraf Al Rayan was honoured by the Ministry of Labour and Social Affairs for the gold sponsorship of the project “Direct Me” to guide high school students to choose the appropriate field and attract them to join the work in banks.
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