Masraf Al Rayan posts half-yearly net profit of QR1.03bn

 

 

 

Masraf Al Rayan posted a half yearly net profit of QR1.03bn, the bank announced Thursday.Masraf Al Rayan’s total income reached QR3.27bn, up 29% on H1, 2021, while net financing assets closed at QR119bn, growing 30% year on year.Masraf Al Rayan’s total assets stood at QR169bn, up 35% on the same period last year.Deposits closed at QR97bn, an increase of 28% year on year, Masraf Al Rayan said. The bank’s Capital Adequacy ratio stood at 20% in the first half of the year. Masraf Al Rayan Chairman HE Sheikh Mohamed bin Hamad bin Qassim al-Thani stated, “Masraf Al Rayan’s results announced today are in the backdrop of a successful completion of the key integration activities relating to its merger with al khaliji. We continue to focus on building a strong and diversified business that delivers long term value for shareholders and other stakeholders.”Commenting on H1, 2022 performance, Masraf Al Rayan Group Chief Executive Officer Fahad bin Abdulla al-Khalifa said, “We are pleased to announce results for the first six months of 2022, during which time the team and I put concerted effort in completing the integration journey of the two banks. This was achieved in a short period of six months since completing the legal merger on December 1, 2021. “We are grateful to our customers, regulators, staff and all other stakeholders that contributed in this journey. During this period, we are very proud to have launched the country’s first Shariah Compliant Green Deposit and Islamic Sustainable Financing Framework. Our goal remains to be the bank of choice for our current and potential future customers, delivering innovative Islamic products and services.”