Masraf Al Rayan has reported a 2.5% rise year-on-year in net profit to QR544mn during January-March this year.
Total assets of the lender reached QR100.31bn at the end of March 31, 2019 and the return on average assets stood at QR2.2%, which is one of the highest in the market.
Financing grew 4.5% to QR75.88bn and total investments stood at QR20.04bnm, while customer deposits increased 2.8% to QR64.44bn.
Expressing satisfaction on the performance, Masraf Al Rayan chairman and managing director Dr Hussein al-Abdullah said it was achieved in “unstable” international markets.
The profitability also came amidst “significant” support from the government by maintaining robust growth rates and the Qatar Central Bank’s initiatives to preserve the value of currency and ensure necessary liquidity, according to him.
Shareholders’ equity reached QR12.33bn and the return on average shareholders’ equity was 17% at the end of March 31, 2019. Earnings per share was QR0.726 against QR0.708 for the period ended March 31, 2018.
“The results demonstrate the strength and stability of Masraf Al Rayan to maintain its leadership position among Islamic and conventional banks at the local and regional level,” according to Adel Mustafawi, its group chief executive.
Capital adequacy ratio, using the Basel III standards and the QCB regulations, reached 19.28% against 18.85% the previous year period. The operational efficiency, as measured by cost-to-income ratio, stood at 22.78% and non-performing financing ratio was 0.74%, reflecting very strong and prudent credit and risk management policies and procedures.
Masraf Al Rayan maintains its rating for future outlook at ‘A1 / Prime-1’ long term with a “stable” outlook, and risk assessment of counterparties at ‘Aa3 (CR)’, according to global credit rating agency Moody’s.
“This rating reflects the stability in the bank’s asset quality, low NPF ratio and the performance stability since its establishment in 2006,” the lender’s spokesman said.
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