Masraf Al Rayan has posted a net profit of QR2.17bn during the year that ended on December 31, 2019, a growth of 2.3% from the previous year.
The bank’s board of directors at their meeting on Monday proposed to distribute a cash dividend of QR0.225 per share (22.5% of the paid-up capital), for recommendation to the ordinary general assembly meeting to be held on March 18, after obtaining the approval from the Qatar Central Bank.
The election of the board members for the fifth term (2020-2022) will also be held during the meeting.
Masraf Al Rayan chairman and managing director Dr Hussain al-Abdulla said, “The results achieved are satisfactory especially in light of the conditions the region witnessed in general, the high borrowing and deposit costs, as well as the impact of regulations issued by the Qatar Central Bank regarding provisioning on financial assets."
Al-Abdulla further stated that maintaining a positive credit rating, enhancing the competencies of employees and developing a modern IT infrastructure are matters of prime importance to the Bank.
Group CEO Adel Mustafawi expressed his satisfaction with the results and said “Such results were aligned with the overall growth trend of the Qatari economy, reflecting the bank’s focus on robust asset quality, prudent risk management policies and a conservative lending strategy, while continuously developing and improving customer service standards.”
Mustafawi also termed the results as “good” as it maintained the continuation of the upward line of the performance of Masraf Al Rayan.
The bank's profits from banking operating activities increased by 7.1% of the same achieved in the previous year.
He said Masraf Al Rayan’s total assets reached QR106.3bn in December 2019 compared to QR97.2bn in December 2018, a growth of 9.4%.
Financing activities amounted to QR74.8bn in December 2019 compared to QR72.5bn in December 2018, a growth of 3.2%.
Investments increased to QR21.9bn in December 2019 compared to QR19.7bn in December 2018, which represents a growth of 10.9%.
Masraf Al Rayan's customer deposits totalled QR65.6bn in December 2019 compared to QR61.5bn in December 2018, a growth of 6.6%.
Total shareholders' equity (before distribution) reached QR13.9bn in December 2019, compared to QR13.2bn at the end of 2018, a growth of 4.8%.
In respect of Masraf Al Rayan’s financial indicators, Mustafawi said the return on average assets continued to be one of the highest in the market at 2.14%. Return on average shareholders' equity reached 16.02% in December 2019.
Earnings per share reached QR0.29 in December 2019 compared to QR0.28 at the end of 2018.
Book value per share reached QR1.86 in December 2019 compared to QR1.77 in December 2018.
Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 20.27% in December 2019 compared to 19.23% at the end of 2018.
Non-performing financing (NPF) ratio reached 1.01% in December 2019 “reflecting very strong and prudent credit and risk management policies and procedures.”
Masraf Al Rayan continues to focus on providing integrated Shariah-compliant banking solutions for both retail and corporate customers in order to meet their increasing and varied needs, and on developing technology-based banking services made available in various forms and applications to ensure the best customer service at all times.