Masraf Al Rayan has reported more than 4% year-on-year growth in net profit to QR531mn in the first three months of this year.
Total assets reached QR103.49bn, registering an increase of 9.7%, with financing expanding more than 7% to QR72.31bn at the end of March 31, 2018.
Commenting on the results, Dr Hussain al-Abdulla, chairman and managing director of Masraf Al Rayan, expressed his satisfaction given the regional and global market conditions, praising the measures taken by the Government of Qatar and the Qatar Central Bank within the framework of the national strategic vision to maintain the strength of the national economy; one of the fastest growing economies in the region.
The lender’s investments reached QR25.09bn and customer deposits totalled QR62.67bn.
The return on average assets continues to be one of the highest in the market at 2.06%, a bank spokesman said, adding the return on average shareholders’ equity of the bank reached 17.05%.
The earnings per share for the period reached QR0.71 compared to QR0.68 at the end of March 31, 2017.
The bank’s capital adequacy ratio, using Basel-III standards, reached 18.85% compared to 19.46% in the comparable period of 2017.
The operational efficiency ratio (cost-to-income ratio) is maintained at 22.84%, to remain one of the best ratios at the regional level.
Non-performing financing (NPF) ratio remained at 0.50% reflecting a very strong and prudent credit risk management policies and procedures.
According to Moody’s, credit rating for the long-term issue of the bank remains at ‘A1’ and counterparty risk (CR) assessment at ‘Aa3(cr)’, with the strength of its assets quality and performance since its inception in 2006, alongside its sustained low rate of its NPF.
Adel Mustafawi, Masraf Al Rayan group chief executive, considered the results to be strong signs of the bank’s sustained and resilient performance under the given circumstances, as the bank managed to maintain notable ratios and financial indicators.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
US, Canada, Mexico sign trade deal; Trump shrugs off hurdle in US Congress
Golf-cart-size cars hit road for market that may not even exist
Global markets tread water before Trump-Xi meeting
Bulgaria prepares to transport Russian gas to central Europe
Top German car officials finalising White House meeting next week
Unilever CEO retires after headquarters row, replaced by insider Jope
SoftBank becomes first Japanese company to forgo IPO price range
Fed is likely to raise rates in Dec but concerns mounting
India’s economic growth slows as Modi prepares for re-election