Masraf Al Rayan has reported a net profit of QR506mn in the first three months of this year.
Total income grew 22% year-on-year to QR1.56bn and earnings-per-share was QR0.05 at the end of March 31, 2022.
“Masraf Al Rayan’s results for the first quarter of 2022 embody the resilience of our business. With a post-merger larger balance sheet and increased client base, the bank is firmly on course to enhance its participation in the Qatari economy,” said HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, its chairman.
Total assets were seen expanding 36% year-on-year to QR170.81bn and total equity by 81% to QR25.19bn at the end of first quarter.
Net loans and advances were up 34% to QR122.19bn at the end of March 31, 2022.
The bank's cost-to-income ratio (excluding merger one-off's) stood at 22.13% and the capital adequacy ratio stood at 20.8% in the review period.
“We ended the first quarter of 2022 on a firm footing...A key strategic objective of the bank is to be a leader in innovative Islamic products and services," according to Fahad bin Abdulla al-Khalifa, Group chief executive, Masraf Al Rayan.
Highlighting that it has recently launched the country’s first Shariah-compliant Green Deposit and Islamic sustainable financing framework; he said "as we look forward, the bank will capture market share and become an Islamic financial powerhouse, which will support the prosperity of our clients, development of the nation and enhance the bank's social progress.”
“Masraf Al Rayan’s results for the first quarter of 2022 embody the resilience of our business. With a post-merger larger balance sheet and increased client base, the bank is firmly on course to enhance its participation in the Qatari economy,” said HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, its chairman.
Total assets were seen expanding 36% year-on-year to QR170.81bn and total equity by 81% to QR25.19bn at the end of first quarter.
Net loans and advances were up 34% to QR122.19bn at the end of March 31, 2022.
The bank's cost-to-income ratio (excluding merger one-off's) stood at 22.13% and the capital adequacy ratio stood at 20.8% in the review period.
“We ended the first quarter of 2022 on a firm footing...A key strategic objective of the bank is to be a leader in innovative Islamic products and services," according to Fahad bin Abdulla al-Khalifa, Group chief executive, Masraf Al Rayan.
Highlighting that it has recently launched the country’s first Shariah-compliant Green Deposit and Islamic sustainable financing framework; he said "as we look forward, the bank will capture market share and become an Islamic financial powerhouse, which will support the prosperity of our clients, development of the nation and enhance the bank's social progress.”