Dr Hussein Al Abdullah, Chairman and Managing Director, Masraf Al Rayan
Masraf Al Rayan, one of the leading Shariah-compliant banking and financial services providers in Qatar, posted a net profit of QR1.65bn for the first nine months of this year ended September 30, 2019, witnessing an increase of 1.32 percent compared to the corresponding period in the previous year.
The Bank’s assets grew by 5.5 percent to reach QR105.05bn as of September 30, 2019 a strong performance while maintaining one of the lowest non-performing financing (NPF) ratios internationally (0.66 percent).
Operating efficiency ratio was at 23.61 percent, continuing to be the best among local banks. In terms of profitability, Masraf Al Rayan continued to maintain its leading position with respect to return on average assets (2.18 percent) and return on average equity (16.51 percent), despite increased cost of funding both locally and globally.
Dr Hussein Al Abdullah, Chairman and Managing Director, Masraf Al Rayan, said: “The results are satisfactory despite achieving modest profit growth during the period, due to several factors including high borrowing and deposit costs.” Dr Al Abdullah expects the results for the year to be in line with what has been planned and acted upon by the Board of Directors and Executive Management, driven by the strength of the Qatari economy, its continued growth, and the encouragement of investments in the State of Qatar at the local and foreign levels.
Adel Mustafawi, Group CEO, expressed his satisfaction with the results achieved, reflecting the Bank’s focus on robust asset quality, prudent risk management policies and a conservative lending strategy, while continuously developing and improving customer service standards.
Mustafawi said the financing activities of the Group increased to QR75.56bn compared to QR74.42bn as of September 30, 2018, registering a growth of 1.5 percent Investments reached QR21.34bn compared to QR19.68bn as of September 30, 2018, a growth of 8.4 percent. Customer deposits in the Bank increased to QR67.01bn compared to QR64.47bn, up 3.9 percent.
Total shareholders’ equity reached QR13.43bn, a growth of 4.7 percent. Masraf Al Rayan continues to focus on providing Shariah-compliant financing solutions to retail and corporate clients to meet their growing needs.
Masraf Al Rayan also focuses on the development of technology-based banking services made available in various forms and applications, ensuring the best customer service at all times. It is also keen in diversifying products and developing services through the use of the best modern technology, and providing them in the most convenient and optimal manner, the Group CEO said.
