Masraf Al Rayan posted a net profit of QR575mn in the first quarter, up 5.1% on the same period last year. Total assets amounted to QR125,502mn in Q1 compared to QR109,058mn as of March 31, 2020, a growth of 15.1%.
Financing activities amounted to QR91,297mn in Q1, compared to QR79,265mn as of March last year, an increase of 15.2%
Investments reached QR21,063mn as of March 31 this year.
Customers’ deposits amounted to QR77,449mn in Q1, compared to QR67,730mn as of March last year, a growth of 14.3%.
Total shareholders' equity reached QR13,674mn, compared to QR12,745mn as of March 2020, an increase of 7.3%.
HE Ali bin Ahmed al-Kuwari, Masraf Al Rayan chairman and managing director, expressed his satisfaction with the notable results on the back of market recovery and high energy prices, particularly in light of adverse conditions from the global spread of the Covid-19 pandemic that reflected negatively on financial markets.
He commended the precautionary measures taken by the State of Qatar, particularly the support plans put forward by the government in support of the private sector.
Masraf Al Rayan Group CEO Adel Mustafawi expressed his satisfaction with the bank’s performance, amidst all the challenges.
He noted that such success was due to the bank’s “informed strategy and prudent policy” adopted by the board of directors, and its successful implementation.
Masraf Al Rayan’s financial indicators show return on average assets continues to be one of the highest in the market at 1.86%, while return on average shareholders' equity is 16.4%, and earnings per share is QR0.077.
Book value per share reached QR1.82, compared to QR1.70 as of March 31, 2020.
Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.92%, compared to 19.89% as of March 31, 2020.
Operating efficiency ratio (cost to income ratio) is 18.91%, which continues to be one of the best in the region.
Non-performing financing (NPF) ratio is 1.05% and the “lowest” in the banking sector, reflecting “strong and prudent” credit risk management policies and procedures.
Masraf Al Rayan continues to work on improving its products, providing integrated financing solutions compatible with the provisions of Islamic Shariah law to individuals and corporate customers.
The bank is keen on updating its programmes and systems and in utilising modern technologies that will develop customer behaviour by transforming their transactions into digital banking through advanced digital platforms, especially in light of Covid-19 restrictions.
Masraf Al Rayan also continues to fulfil its duty towards the society through strengthening its participation in the corporate social responsibility system and by providing its support to various sectors.
Mustafawi also noted that work was ongoing in terms of securing the requirements for a possible merger between Masraf Al Rayan and Al Khalij Commercial Bank in accordance with the instructions of regulators.
He added that both banks are committed to informing the public and investors of any development in the process.