Dr. Hussein Al Abdullah, Chairman and Managing Director, Masraf Al Rayan
DOHA: Masraf Al Rayan yesterday announced its financial results for three months ended 31 March 2019, delivering a net profit of QR544m, an increase of 2.5 percent compared to the profit in the same period of the previous year.
The bank’s financing activities reached QR75.8bn compared to QR72.5bn as of 31 March 2018, an increase of 4.5 percent. Investments reached QR20bn. Customer deposits increased to QR64.4bn compared to QR62.6bn as of 31 March 2018, up 2.8 percent. Shareholders’ equity increased by 5 percent to QR12.32bn from QR11.7bn.
Dr. Hussein Al Abdullah, the Chairman and Managing Director of Masraf Al Rayan, expressed his satisfaction with the results achieved because they are close to expectations in unstable international markets, but with significant support from the Government of the State of Qatar, which is carrying out extraordinary measures to maintain growth rates. The Qatar Central Bank seeks to strengthen the stability of the financial market and secure the necessary liquidity and preserve the value of the currency.
Commenting on the results, Adel Mustafawi, Masraf Al Rayan’s Group Chief Executive Officer, said that the results demonstrate the strength and stability of Masraf Al Rayan to maintain its leadership position among Islamic and conventional banks at the local and regional levels. Masraf Al Rayan has achieved outstanding figures indicated by financial indicators as follows: Masraf Al Rayan’s Return on average assets continues to be one of the highest in the market at 2.20 percent.
Return on average shareholders’ equity of the Bank reached 17.00 percent. Earnings per share for the period reached QR0.726 compared to QR0.708 for the period ended 31March 2018. Book value per share reached QR16.44 compared to QR15.65 and capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.28 percent compared to 18.85 percent. The bank’s operational efficiency ratio (cost to income ratio) stood at 22.78 percent.
Non-performing financing (NPF) ratio reached 0.74 percent,reflecting very strong and prudent credit and risk management policies and procedures.
Masraf Al Rayan maintains its rating for future outlook at A1 / Prime-1 long term with a stable outlook, and risk assessment of counterparties at Aa3 (CR) according to Moody’s Global Investors Services. This rating reflects the stability in the Bank’s asset quality, low NPF ratio and the performance stability since its establishment in 2006.
Masraf Al Rayan pays great attention to improving its products and providing Sharia’a compliant financing solutions to both retail and corporate customers. Masraf Al Rayan continues to provide retail banking solutions that meet customers’ needs.
Senior management at Masraf Al Rayan has set an ambitious plan for this year’s Human Resources by focusing on the development of staff, particularly Qatari staff. The training and talent development department of the Bank worked in an integrated and diligent manner to raise the competencies and skills of the staff in cooperation with various state agencies and specialized local and international training centers, which include various types of theoretical and practical training with a focus on training related to the job.
