Doha: Masraf Al Rayan posted a net profit of QR511m during the first quarter of 2015, an increase of 18.1 percent compared to QR432m for the same period in 2014, the company said in a statement yesterday.
D. Hussain Al Abdulla, Chairman and Managing Director of the Bank, expressed his satisfaction with the results, describing them as realistic and seeing them in line with the Board’s expectations, cautioning that 2015 will be a year full of challenges.
Adel Mustafawi, Group Chief Executive Officer at Masraf Al Rayan, was also pleased with the results, describing them as good results, reflecting on the upward performance trend achieved through dedication and hard work. Mustafawi noted that the consolidated financial statements include Masraf Al Rayan along with the group subsidiaries and affiliates, including the financial statements of Al Rayan Bank Plc.
Total assets of the bank reached QR83,160m compared to QR69,362m as of March 31, 2014, a growth of 19.9 percent. Financing activities increased to QR62,815m, compared to QR45,641m in March 31, 2014, a growth of 37.6 percent.
Investments increased to QR14,165m, a growth of 1.7 percent. Customers’ deposits of the bank reached QR60,832m, compared to QR52,335m as of March 31, 2014, a growth of 16.2 percent.
Shareholders equity reached QR10,561m compared to QR9,839m as of March 31, 2014, a growth of 7.3 percent.
Return on assets kept its outpost within the local financial market to be one of the highest at 2.5 percent, the bank said.
Return on Shareholders’ Equity of the bank reached 19.3 percent compared to 17.6 percent on March 31, 2014. Earnings per share for the period reached QR0.68 compared to QR0.58 on March 31, 2014. Book value per share reached QR14.1, compared to QR13.1 on March 31, 2014. Capital adequacy ratio reached 17.41 percent using Basel-III standards compared to 18.65 percent on March 31, 2014 based on Basel-II standards.
Operational Efficiency ratio cost-income ratio is at 17.7 percent continues to be one of the best in the region and the world.
Non-performing loans (NPL) ratio of 0.09 percent again continues to be one of the lowest in the banking industry. Reflecting a very strong and prudent credit risk management policies and procedures.
Masraf Al Rayan continues to develop new products and services to better serve its customers by offering quality and flexibility in line with the best international banking practices.
It should be noted that Masraf Al Rayan began a quest to get the necessary regulatory approvals to set up an exchange traded fund (ETF), as phase one, which will trade Sharia-compliant stocks on Qatar Exchange wherein tracking Al Rayan Islamic Index. In phase 2, Masraf Al Rayan will work to get the necessary approvals to set up its Sharia-compliant Sukuk trading fund (income generating fund), for investment in fixed income markets with target yield exceeding earnings from deposit accounts and shall be distributed annually to investors. Al Rayan investment (ARI) will manage both funds.
Work continues in Masraf Al Rayan to avail the necessary resources for training and development of young cadres in particular Qataris, to prepare them for future leadership positions within the bank, while maintaining a high percentage of Qatarisation ratio.
Masraf Al Rayan continued to participate in all possible occasions that fostered its community responsibilities towards the society, demonstrated through support for a wide range of social activities and sporting events and other humanitarian matters, all in the interest of the wellbeing of individuals and society. The Peninsula
