Doha: Masraf Al Rayan has announced a net profit of QR1.713bn for the period ended September 30, 2021, a growth of 3.1 percent compared to the same period last year.
The Bank’s Total assets grew by 7.1 percent to QR124.765bn from QR116.548bn during the first nine months of the year. While financing activities also rose by 7.7 percent to QR87.010bn from QR80.775bn. Investments increased by 4.9 percent to QR22.213bn from QR21.182bn. And Customer deposits also grew by 17.3 percent to QR78.162bn from QR66.653bn during the same period. Total shareholders’ equity rose by 6.8 percent to QR14.834bn from QR13.889bn.
Commenting on the results, H E Ali bin Ahmed Al Kuwari, Chairman and Managing Director at Masraf Al Rayan 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”.
He added: “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, he added.
Ahmed Sheikh, Acting Group CEO at Masraf Al Rayan explained that 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 its customers.
To date, the Bank’s return on average assets continues to be one of the highest in the market at 1.86 percent, while return on average shareholders’ equity is at 15.64 percent. Earnings per share stood at QR0.228, while Operating efficiency ratio (cost to income) is 20.77 percent, which continues to be one of the best in the region. Non-performing financing (NPF) ratio stood at 1.46 percent, and is one of the lowest in the banking sector, reflecting strong and prudent credit risk management policies and procedures.
