Doha: Masraf Al Rayan achieved a net profit of QR1.66bn during the first nine month of this year ended September 30, 2020, registering a marginal increase of 0.53 percent compared to the same period last year.
Commenting on the financial results of the Shariah-compliant lender, Ali bin Ahmed Al Kuwari, Chairman and Managing Director, said that achieving the results is notable, particularly in light of adverse conditions from the global spread of the COVID-19 pandemic that reflected negatively on financial markets, in addition to the sharp plunge in energy prices.
He also noted that measures taken by the State of Qatar and the support plans it proposed, in particular the extension of the National Insurance Program, helped the private sectors to overcome these difficult circumstances.
For his part, Adel Mustafawi, Group CEO, 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.
The total assets of the bank reached QR116.548bn as of September 30, 2020, compared to QR105.050bn as of September 30, 2019, witnessing a growth of 10.9 percent.
Financial activities of the bank amounted to QR80.775bn, compared to QR75.563bn as of September 30, 2019, an increase of 6.9 percent. Customer deposits of the bank reached QR66.653bn as of September 30, 2020, and total shareholders’ equity reached QR13.889bn, compared to QR13.431bn as of September 30, 2019, recording a growth of 3.4 percent.
Return on average assets continues to be one of the highest in the market at 2 percent; while return on average shareholders’ equity stood at 15.94 percent. And earnings per share (EPS) reached QR0.222.
The non-performing financing (NPF) ratio stands at 1.08 percent, which is the lowest in the banking sector reflecting strong and prudent credit and risk management policies and procedures.
Masraf Al Rayan is committed to continuously fulfilling its obligation towards the environment and the society, by contributing to various beneficiaries from different sectors.
The bank continuously enhances its measures taken to combat COVID-19 and ensures the adequacy of these preventive measures.
Mustafawi noted that the potential merger discussions of Masraf Al Rayan and Al Khalij Commercial Bank is ongoing as scheduled. He also added that both banks are committed to informing the public and investors about any progress in this regard.
