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Tribune News Network
Doha
Masraf Al Rayan on Sunday announced that it achieved a net profit of QR1.662 billion in the first nine months of 2020, an increase of 0.53 percent compared to the same period last year.
Commenting on the financial result, Masraf Al Rayan Chairman and Managing Director HE Ali bin Ahmed Al Kuwari said, “Achieving this result is notable, particularly in light of adverse conditions from the global spread of the COVID-19 pandemic that reflected negatively on financial markets, in addition to the sharp plunge in energy prices.”
Kuwari noted that measures taken by Qatar and the support plans it proposed, in particular the extension of the National Insurance Program, helped the private sectors to overcome these difficult circumstances.
Masraf Al Rayan Group Chief Executive Officer Adel Mustafawi expressed his satisfaction with the bank’s performance amidst all the challenges. He noted that such success was due to the bank’s strategy and the prudent policy adopted by the board of directors and its successful implementation.
Elaborating on the financial results, Mustafawi said that total assets of the bank reached QR 116.548 billion, compared to QR105.050 billion as of September 30, 2019, a growth of 10.9 percent.
Finance activities amounted to QR80.775 billion compared to QR75.563 billion as of September 30, 2019, an increase of 6.9 percent.
Investments by the bank reached QR21.182 billion as of September 30, 2020.
Customer deposits reached QR66.653 billion as of September 30, 2020, while total shareholders’ equity reached QR13.889 billion, compared to QR13.431 billion as of September 30, 2019, a growth of 3.4 percent.
Highlighting the financial indicators, Mustafawi said that return on average assets continues to be one of the highest in the market at 2 percent.
While return on average shareholders’ equity is 15.94 percent, earnings per share reached QR0.222.
Book value per share reached QR1.85 compared to QR1.79 as of September 30, 2019. Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.52 percent as of September 30, 2020.
Operational efficiency ratio (the cost to income ratio) stood at 21.74 percent and continued as one of the best in the region, he said adding non-performing financing ratio of 1.08 percent is the lowest in the banking sector reflecting strong and prudent credit and risk management policies and procedures.
Talking about the bank’s commitment to society and the environment, he said Masraf Al Rayan is committed to fulfilling its obligation towards the environment and society by contributing to various beneficiaries from different sectors.
Masraf Al Rayan continuously enhances its measures taken to combat COVID-19 and ensures the adequacy of these preventive measures.
Mustafawi noted that the potential merger discussions of Masraf Al Rayan and Al Khalij Commercial Bank are ongoing as scheduled. He also added that both the banks are committed to informing the public and investors about any progress in this regard.
Doha
Masraf Al Rayan on Sunday announced that it achieved a net profit of QR1.662 billion in the first nine months of 2020, an increase of 0.53 percent compared to the same period last year.
Commenting on the financial result, Masraf Al Rayan Chairman and Managing Director HE Ali bin Ahmed Al Kuwari said, “Achieving this result is notable, particularly in light of adverse conditions from the global spread of the COVID-19 pandemic that reflected negatively on financial markets, in addition to the sharp plunge in energy prices.”
Kuwari noted that measures taken by Qatar and the support plans it proposed, in particular the extension of the National Insurance Program, helped the private sectors to overcome these difficult circumstances.
Masraf Al Rayan Group Chief Executive Officer Adel Mustafawi expressed his satisfaction with the bank’s performance amidst all the challenges. He noted that such success was due to the bank’s strategy and the prudent policy adopted by the board of directors and its successful implementation.
Elaborating on the financial results, Mustafawi said that total assets of the bank reached QR 116.548 billion, compared to QR105.050 billion as of September 30, 2019, a growth of 10.9 percent.
Finance activities amounted to QR80.775 billion compared to QR75.563 billion as of September 30, 2019, an increase of 6.9 percent.
Investments by the bank reached QR21.182 billion as of September 30, 2020.
Customer deposits reached QR66.653 billion as of September 30, 2020, while total shareholders’ equity reached QR13.889 billion, compared to QR13.431 billion as of September 30, 2019, a growth of 3.4 percent.
Highlighting the financial indicators, Mustafawi said that return on average assets continues to be one of the highest in the market at 2 percent.
While return on average shareholders’ equity is 15.94 percent, earnings per share reached QR0.222.
Book value per share reached QR1.85 compared to QR1.79 as of September 30, 2019. Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.52 percent as of September 30, 2020.
Operational efficiency ratio (the cost to income ratio) stood at 21.74 percent and continued as one of the best in the region, he said adding non-performing financing ratio of 1.08 percent is the lowest in the banking sector reflecting strong and prudent credit and risk management policies and procedures.
Talking about the bank’s commitment to society and the environment, he said Masraf Al Rayan is committed to fulfilling its obligation towards the environment and society by contributing to various beneficiaries from different sectors.
Masraf Al Rayan continuously enhances its measures taken to combat COVID-19 and ensures the adequacy of these preventive measures.
Mustafawi noted that the potential merger discussions of Masraf Al Rayan and Al Khalij Commercial Bank are ongoing as scheduled. He also added that both the banks are committed to informing the public and investors about any progress in this regard.
