Masraf Al Rayan has achieved a net profit of QR547mn in the first quarter of 2020, up 0.5% on the same period last year.
Total assets reached QR109bn in the first quarter, up 8.7% on QR100.3bn in March 2019.
The bank’s finance activities amounted to QR79.26bn, up 4.5% in the first quarter compared with QR75.8mn in the same period last year.
Investments increased to QR21.62bn in Q1 compared to QR20bn, an increase of 7.9%.
Customer deposits totalled QR67.73bn in the first quarter, up 5.1% on QR64.44bn on the same period last year.
Total shareholders’ equity reached QR12.74bn in Q1 compared with QR12.32bn (up 3.4%) in the same period last year.
Masraf Al Rayan chairman and managing director HE Ali bin Ahmed al-Kuwari said, “The results achieved are quite satisfactory especially in light of the adverse conditions the world is presently witnessing. The spread of the Caovid-19 global pandemic, the sharp plunge in oil prices, the decline in stock exchange indices along with the imminent economic recession have together had an extremely adverse impact on almost all the global economies.”
Al-Kuwari further added, “In the midst of all these, the confidence-building measures undertaken by the Government of the State of Qatar with a view towards propping up the national economy, in particular the private sector, deserves commendation. There is no doubt that we are going through challenging times. However, we will spare no effort in ensuring the continued growth and development of Masraf Al Rayan.”
Group CEO Adel Mustafawi maintained that the results are a reflection of the strong ratios the bank continues to maintain in all its key financial indicators.
On Masraf Al Rayan’s financial indicators, he said the return on average assets was 2.03% while return on average shareholders’ equity 16.41% in the first quarter of this year.
Earnings per share reached QR0.073, while book value per share reached QR1.7 in Q1 compared to QR1.64 as of March 2019.
Capital adequacy ratio, using Basel-III standards and Qatar Central Bank regulations, reached 19.89% in Q1 compared to 19.28% in March 2019. The bank’s operational efficiency ratio (cost to income ratio) stood at 22.71% and remained “one of the best” in the region.
Non-performing financing (NPF) ratio reached 0.94% reflecting strong and prudent credit and risk management policies and procedures, he said.
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.
Masraf Al Rayan said it attaches the “highest importance” to the training and development of its employees in general, with a keen focus on developing its Qatari manpower in particular, in line with the strategies of the bank.
Its various departments act in an integrated and diligent manner to raise the professional and administrative competencies and skills of their employees in co-operation with the various state agencies and specialised local and international training centres.
The training programmes cover various theoretical and practical aspects and also include programmes for the administrative development of Qataris, such as the participation in the programme “Kwader”, which is specially designed for the financial sector, and is conducted annually by the Qatar Academy of Finance and Business.
The bank’s employees are now offered a wide range of e-learning opportunities. Such projects include the “video training” project and the technical education project “Electronic” from Fitch International, Collier and Quality (ASQ Certification). These projects are destined to upgrade employees’ expertise in banking and financing.
On-the-job training opportunities also form a key part of employees’ career growth plans at Masraf Al Rayan.