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Tribune News Network
Doha
Masraf Al Rayan reported a net profit of QR2.13 billion for the year ended December 31, 2018, a growth of 5.04 percent compared to previous year, the bank announced in a statement on Monday.
Earnings per share for the year reached QR 2.84, compared to QR 2.70 for 2017.
The board of directors, at a meeting held on Monday, recommended a cash dividend distribution of QR2 per share, representing 20 percent of the paid-up capital.
The recommendation is subject to the approval of the shareholders, in a general assembly meeting which is scheduled to be held on February 25, after obtaining the approval from the Qatar Central Bank, the statement said.
Hussain al Abdulla, Chairman and Managing Director of Masraf Al Rayan, said, “The results achieved are considered satisfactory in light of the current situation in the region and the recent declines in energy prices, especially as these results represent growth of Masraf Al Rayan on more than one level, which the board, in collaboration with the executive management and employees of the bank, seeks to achieve year after year.
“The growth is moreover in line with the overall growth achieved by Qatar, thanks to the policies set by the Qatari leadership.”
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 earning per share which maintained its stability throughout the year.
Adel Mustafawi, Group CEO, recapped similar views on the announced financial results, saying that the results achieved were decent, with the increase in net profit.
Masraf Al Rayan’s operating income increased by 12.15 percent over the same period last year.
Total assets reached QR97.29 billion compared to QR102.94 billion as of December 31, 2017. Financing activities reached QR72.16 billion, recording a growth of 0.1 percent.
The bank’s investments touched QR19.53 billion compared to QR 23.94 billion in 2017. Customer deposits at the bank reached QR61.56 billion compared to QR62.53 billion in 2017.
Shareholders’ equity before distribution reached QR13.27 billion compared to QR13.19 billion in 2017, a growth of 0.7 percent.
The bank’s capital adequacy ratio stood at 19.23 percent. Operational efficiency ratio (cost to income ratio) reached 24.06 percent and continues to be one of the best in the region.
Masraf Al Rayan’s 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
Moody’s Global Investors Services has reaffirmed the outlook for Masraf Al Rayan to ‘stable’ and the current rating of the bank is A1 / Prime-1 with a stable outlook.
This rating reflects the bank’s strong government-linked position in Qatar, its ability to diversify sources of income, stability in asset quality and a low NPF ratio, the statement said.
Doha
Masraf Al Rayan reported a net profit of QR2.13 billion for the year ended December 31, 2018, a growth of 5.04 percent compared to previous year, the bank announced in a statement on Monday.
Earnings per share for the year reached QR 2.84, compared to QR 2.70 for 2017.
The board of directors, at a meeting held on Monday, recommended a cash dividend distribution of QR2 per share, representing 20 percent of the paid-up capital.
The recommendation is subject to the approval of the shareholders, in a general assembly meeting which is scheduled to be held on February 25, after obtaining the approval from the Qatar Central Bank, the statement said.
Hussain al Abdulla, Chairman and Managing Director of Masraf Al Rayan, said, “The results achieved are considered satisfactory in light of the current situation in the region and the recent declines in energy prices, especially as these results represent growth of Masraf Al Rayan on more than one level, which the board, in collaboration with the executive management and employees of the bank, seeks to achieve year after year.
“The growth is moreover in line with the overall growth achieved by Qatar, thanks to the policies set by the Qatari leadership.”
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 earning per share which maintained its stability throughout the year.
Adel Mustafawi, Group CEO, recapped similar views on the announced financial results, saying that the results achieved were decent, with the increase in net profit.
Masraf Al Rayan’s operating income increased by 12.15 percent over the same period last year.
Total assets reached QR97.29 billion compared to QR102.94 billion as of December 31, 2017. Financing activities reached QR72.16 billion, recording a growth of 0.1 percent.
The bank’s investments touched QR19.53 billion compared to QR 23.94 billion in 2017. Customer deposits at the bank reached QR61.56 billion compared to QR62.53 billion in 2017.
Shareholders’ equity before distribution reached QR13.27 billion compared to QR13.19 billion in 2017, a growth of 0.7 percent.
The bank’s capital adequacy ratio stood at 19.23 percent. Operational efficiency ratio (cost to income ratio) reached 24.06 percent and continues to be one of the best in the region.
Masraf Al Rayan’s 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
Moody’s Global Investors Services has reaffirmed the outlook for Masraf Al Rayan to ‘stable’ and the current rating of the bank is A1 / Prime-1 with a stable outlook.
This rating reflects the bank’s strong government-linked position in Qatar, its ability to diversify sources of income, stability in asset quality and a low NPF ratio, the statement said.
