Dr Hussain Al Abdulla (right), the Chairman and Managing Director of Masraf Al Rayan, Turki bin Mohammed Al Khater (second right), Vice-Chairman, and other board members at the AGM, held at Sheraton Grand Doha Resort & Convention Hotel, yesterday.
Masraf Al Rayan, one of the leading Shariah-compliant lenders in Qatar, is upbeat to maintain its growth momentum and solid performance this year on the back of fast economic growth and robust macroeconomic fundamentals of the Qatari economy, said a top official of the Bank yesterday.
The Islamic banking and financial services provider is optimistic about the investment opportunities arising within the country from different sectors of the rapidly growing economy, especially when it is witnessing accelerated economic diversification and the massive infrastructure development in the run-up to the preparations for the 2022 Fifa games and long-term strategic goals.
“I am optimistic to maintain at least the same level of performance and profit this financial year as we earned in the last year,” Dr Hussain Al Abdulla, the Chairman and Managing Director of Masraf Al Rayan, told The Peninsula on the sidelines of the Bank’s Annual General Assembly Meeting, yesterday.
Dr Al Abdulla added: “We are giving more focus on our activities in Qatar, which is one of the fastest growing economies in the region. There are a lot of opportunities within the country, especially in the construction, corporate, industries and public sector projects. We are trying to capitalise on the same.”
Dr Al Abdulla also presided over the Bank’s Ordinary and Extraordinary General Assembly meetings, which approved all the items on the agenda, including the Board’s recommendation for a cash dividend distribution of QR2 per share, representing 20 percent of the paid-up capital.
The bank had posted a net profit of QR2.13bn for the full-year 2018, up 5.04 percent over the same period last year.
Dr Al Abdulla expressed his satisfaction with the figures highlighted by the financial indicators, which placed Masraf Al Rayan among the leading banks in Qatar, especially in terms of operational efficiency and the low ratio of non-performing financing. This was reflected in the profitability and earnings per share which maintained its stability throughout the year.
The bank’s total assets reached QR97.29bn compared to QR102.9bn as of 31 December 2017. Financing activities reached QR72.16bn from QR72.09bn, up 0.1 percent from a year ago. Investments reached QR19.53bn compared to QR23.9bn in 2017. Customers’ deposits touched QR61.56bn. Shareholders’ equity before distribution is at QR13.27bn, up 0.7 percent.
Masraf Al Rayan’s return on average assets continues to be one of the highest in the market at 2.13 percent. Return on average shareholders’ equity of the bank, before distribution, is 16.10 percent. Earnings per share for the year reached QR2.841, compared to QR2.704 for 2017. Book value per share, before distribution, is at QR17.70, compared to QR17.59 on December 31, 2017. Capital adequacy ratio reached 19.23 percent from 19.32 percent.
The bank’s operational efficiency ratio (cost to income ratio) is at 24.06 percent and continues to be one of the best in the region. Non-performing Financing (NPF), analogous to non-performing loans, ratio of 0.83 percent continues to be one of the lowest in the banking industry, reflecting a very strong and prudent credit risk management policies and procedures.
