Chairman and Managing Director of Masraf Al Rayan, H E Ali bin Ahmed Al Kuwari
Doha: Masraf Al Rayan has reported a net profit of QR2.175bn for the year ended December 31, 2020. The Board of Directors met yesterday and proposed to distribute a cash dividend of QR0.170 per share, equivalent to 17 percent of the paid-up capital. The proposed dividend is subject to approval by the Ordinary General Assembly, to be held on March 2, 2021, and Qatar Central Bank (QCB).
Chairman and Managing Director of Masraf Al Rayan, H E Ali bin Ahmed Al Kuwari, said: “Year 2020 was exceptional by all standards; and we are happy to have successfully passed that stage. The previous year witnessed unprecedented events; the COVID-19 pandemic which hindered economic activity and the movement of individuals in general which affected global markets, in addition to the decline in energy prices to record numbers as a result of low demand, the caution in the markets and the decrease in liquidity, as well as the negative results of global growth such as high cost of borrowing and the calculation of higher rates of allocations as a precautionary measure."
"However, our insistence was great at Masraf Al Rayan to face these difficulties and come up with the best results, relying on the strength and durability of the Qatari economy, and government measures that were supportive of all economic activities, so we hope that we have succeeded in that”.
Al Kuwari added that the recommendation of the Bank’s Board of Directors to distribute QR0.170 per share to the shareholders is the best evidence to proper performance of the Bank and the remarkable efforts made by its executive management and staff amid the pandemic.
Group CEO of Masraf Al Rayan, Adel Mustafawi
Group CEO of Masraf Al Rayan, Adel Mustafawi considered the results as good, and reiterated that Masraf Al Rayan, in its commitment to the strategy approved by the Board of Directors, has maintained its credit rating. The Bank has also maintained its position amongst banks in the State of Qatar, and maintained its financial indicators ratios; while achieving the lead in terms of operational efficiency and a low ratio of bad debts, he added.
Mustafawi added that the Bank’s total assets grew by 13.8 percent to QR121.115bn from QR106.397bn as of December 31, 2019. Financing activities reached QR85.983bn, compared to QR74.837bn as of December 31, 2019, recording a growth of 14.9 percent. Masraf Al Rayan’s investments reached QR21.120bn as of December 31, 2020.
Mustafawi added that customer deposits in the Bank increased by 5 percent to QR68.918bn from QR65.613bn as of December 31, 2019. Total shareholders’ equity (before distribution) reached QR14.365bn, compared to QR13.919bn at the end of 2019, an increase of 3.2 percent.
Masraf Al Rayan continues to focus on improving its products and providing integrated financing solutions compatible with the provisions of Islamic law to individual and corporate customers alike, through its various products. The Bank is also committed to implementing the provisions of Law No. (20) of year 2019 regarding combating money laundering and combating the financing of terrorism; taking into account both the executive regulations of the law and the instructions of the Qatar Central Bank in this regard.
The Bank gives utmost importance to the development of its employees, with a focus on developing the Qatari cadre in line with Masraf Al Rayan’s strategies. In compliance with the requirements of the QCB, the Bank’s Training and Development Department has also organised a mandatory training program on “Combating Financial Crimes” aimed at providing the employees with knowledge and skills related to money laundering, terrorism financing and combating fraud, bribery and corruption.
