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Tribune news network
Doha
Masraf Al Rayan has reported a net profit of QR2.17 billion for the year ended December 31, 2019, a growth of 2.3 percent compared with the previous year, the bank announced in a statement on Monday.
The bank’s earnings per share reached QR0.29 compared to QR0.28 at the end of 2018.
The board of directors has proposed to the ordinary general assembly to distribute a cash dividend of QR0.225 per share (22.5 percent of the paid-up capital), after obtaining the approval from Qatar Central Bank.
The general assembly will be held on March 18, and the election of the board members for the fifth term (2020-2022) will also be held during the meeting, the statement said.
The bank’s total assets reached QR106.39 billion, compared to QR97.29 billion in 2018, a growth of 9.4 percent. Financing activities amounted to QR74.83 billion, a growth of 3.2 percent.
Investments increased to QR21.90 billion, compared to QR19.74 billion in 2018, a growth of 10.9 percent
Customer deposits totalled QR65.61 billion, recording a growth of 6.6 percent. Total shareholders’ equity (before distribution) reached QR13.91 billion, compared to QR13.27 billion at the end of 2018, a growth of 4.8 percent.
Masraf Al Rayan Chairman and Managing Director Hussain al Abdulla said, “The results achieved are satisfactory especially in light of the conditions the region witnessed in general, the high borrowing and deposit costs , as well as the impact of regulations issued by the Qatar Central Bank regarding provisioning on financial assets.”
Abdulla further stated that maintaining a positive credit rating, enhancing the competencies of employees and developing a modern IT infrastructure are matters of prime importance to the bank.
Adel Mustafawi, Group CEO, expressed his satisfaction with the results achieved, and commented that such results were aligned with the overall growth trend of the Qatari economy, 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.
Mustafa also considered the achieved results as good as it maintained the continuation of the upward line of the performance of Masraf Al Rayan.
The bank’s return on average assets continues to be one of the highest in the market at 2.14 percent. Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 20.27 percent compared to 19.23 percent at the end of 2018.
The non-performing financing (NPF) ratio reached 1.01 percent reflecting very strong and prudent credit and risk management policies and procedures, the statement said.
Doha
Masraf Al Rayan has reported a net profit of QR2.17 billion for the year ended December 31, 2019, a growth of 2.3 percent compared with the previous year, the bank announced in a statement on Monday.
The bank’s earnings per share reached QR0.29 compared to QR0.28 at the end of 2018.
The board of directors has proposed to the ordinary general assembly to distribute a cash dividend of QR0.225 per share (22.5 percent of the paid-up capital), after obtaining the approval from Qatar Central Bank.
The general assembly will be held on March 18, and the election of the board members for the fifth term (2020-2022) will also be held during the meeting, the statement said.
The bank’s total assets reached QR106.39 billion, compared to QR97.29 billion in 2018, a growth of 9.4 percent. Financing activities amounted to QR74.83 billion, a growth of 3.2 percent.
Investments increased to QR21.90 billion, compared to QR19.74 billion in 2018, a growth of 10.9 percent
Customer deposits totalled QR65.61 billion, recording a growth of 6.6 percent. Total shareholders’ equity (before distribution) reached QR13.91 billion, compared to QR13.27 billion at the end of 2018, a growth of 4.8 percent.
Masraf Al Rayan Chairman and Managing Director Hussain al Abdulla said, “The results achieved are satisfactory especially in light of the conditions the region witnessed in general, the high borrowing and deposit costs , as well as the impact of regulations issued by the Qatar Central Bank regarding provisioning on financial assets.”
Abdulla further stated that maintaining a positive credit rating, enhancing the competencies of employees and developing a modern IT infrastructure are matters of prime importance to the bank.
Adel Mustafawi, Group CEO, expressed his satisfaction with the results achieved, and commented that such results were aligned with the overall growth trend of the Qatari economy, 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.
Mustafa also considered the achieved results as good as it maintained the continuation of the upward line of the performance of Masraf Al Rayan.
The bank’s return on average assets continues to be one of the highest in the market at 2.14 percent. Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 20.27 percent compared to 19.23 percent at the end of 2018.
The non-performing financing (NPF) ratio reached 1.01 percent reflecting very strong and prudent credit and risk management policies and procedures, the statement said.
