Masraf Al Rayan announced yesterday net profit of QR575m for the quarter ended March 31 2021, an increase of 5.1 percent compared to the same period last year.
Chairman and Managing Director, H E Ali bin Ahmed Al Kuwari, expressed his satisfaction with the notable results on the back of market recovery and high energy prices, particularly in light of adverse conditions from the global spread of the COVID-19 pandemic that reflected negatively on financial markets.
He commended the precautionary measures taken by the State of Qatar, particularly the support plans put forward by the government in support of the private sector. 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. He said the total assets the Bank amounted to QR125.5bn, compared to QR109.06bn as of March 31, 2020, showing a growth of 15.1 percent.
Financing activities amounted to QR91.3bn, compared to QR79.27bn as of March 31, 2020, an increase of 15.2 percent. Investments reached QR21.06bn as of March 31, 2021. Customers’ deposits amounted to QR77.45bn, compared to QR67.73bn as of March 31, 2020, a growth of 14.3 percent.
Total shareholders’ equity reached QR13.67bn, compared to QR12.75bn as of March 31, 2020, an increase of 7.3 percent.
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 16.40 percent and earnings per share reached QR0.077. Book value per share reached QR1.82, compared to QR1.70 as of March 31, 2020.
Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.92 percent, compared to 19.89 percent as of March 31, 2020.
Operating efficiency ratio (cost to income ratio) is 18.91 percent, which continues to be one of the best in the region Bank’s Non-performing financing (NPF) ratio is 1.05 percent and is the lowest in the banking sector, reflecting strong and prudent credit risk management policies and procedures.
Masraf Al Rayan continues to work on improving its products, providing integrated financing solutions compatible with the provisions of Islamic Sharia law to individuals and corporate customers.
The Bank is keen on updating its programs and systems and in utilizing modern technologies that will develop customer behavior by transforming their transactions i n t o d i g i t a l banking through advanced digital platforms, especially in light of COVID-19 restrictions.
Masraf Al Rayan also continues to fulfill its duty towards the society through strengthening its participation in the corporate social responsibility system and by providing its support to various sectors.
Lastly, Mustafawi noted that work is ongoing in terms of securing the requirements for a possible merger between Masraf Al Rayan and Al Khalij Commercial Bank in accordance with the instructions of regulators. He also added that both banks are committed to informing the public and investors of any development in the process.
