Masraf Al Rayan registered a net profit of QR1.71bn for the nine month period that ended in September, a growth of 3.1% compared to the same period last year.
Total assets amounted to QR124,765mn compared to QR116,548mn as on September 30, 2020, a growth of 7.1%.
Financing activities amounted to QR87,010mn compared to QR80,775mn in September 2020, an increase of 7.7%.
Investments reached QR22,213mn in September, compared to QR21,182mn last year, an increase of 4.9%.
Customer deposits totalled QR78,162mn in September compared to QR66,653mn in the same period last year, a growth of 17.3%.
Total shareholders' equity reached QR14,834mn in September compared to QR13,889mn in the same period last year, an increase of 6.8%.
Commenting on the results, HE Ali bin Ahmed al-Kuwari, chairman and managing director said, “We are pleased to see Masraf Al Rayan maintain its performance, and continue to grow steadily and strongly, promising good results towards the end of the year, despite the circumstances facing the world as a whole, foremost of which are the negative consequences imposed by the spread of the Covid-19 pandemic, without forgetting in return the other positive factors which had a good impact on the financial markets, the most important of which is the presence of a strong and growing economy supported by a noticeable rise in energy prices.
“The announcement of these good results comes along with the success of the Extraordinary General Assembly meeting of Masraf Al Rayan and the approval of the shareholders on the merger between Masraf Al Rayan and Al Khalij Commercial Bank, aimed at achieving the main objective of the merger, which is to reach a larger financial institution with a strong financial position and great liquidity that will continue to support the added value for our valued shareholders.
On the other hand, the merger’s integration adviser and the work team assigned by the two banks are working on completing the process of technical integration between the two banks, as well as obtaining other regulatory approvals necessary to complete the merger process successfully.”
Acting Group CEO Ahmed Sheikh said the “results were in line with expectations, as they were the result of following a clear strategy that the Board of Directors was credited with developing and following up on its implementation using the best means and according to the most accurate standards, supported by a qualified team of employees who had a major role in providing a high level of services to our customers.”