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Tribune News Network
Doha
Masraf Al Rayan got approval from shareholders to increase the size of the Sukuk issuance programme from its current size of $2 billion to a maximum size of $4 billion at the virtual Ordinary General Assembly meeting held via Zoom on Monday.
The Ordinary General Assembly of Masraf Al Rayan also approved several other items on the agenda.
The assembly discussed and approved the proposals of the board of directors regarding appropriations and cash dividend of QR 0.17 per share, representing 17 of the paid-up capital for 2020.
The approval to increase the size of Sukuk to $4 billion is based on the recommendation of the board of directors where the total issuances should not exceed 100 percent of the bank’s capital and reserves.
The General Assembly also authorised the board of directors and whomever the board authorises or has previously authorised in this regard to take all necessary actions to follow up on the implementation and determining the final size of the Sukuk issuance programme.
The assembly also resolved that any further increase in the overall programme limit beyond $4 billion shall be subject to the prior approval of the general assembly and the relevant regulatory authorities if required.
The Ordinary General Assembly also approved to appoint of ‘Deloitte & Touche’ to audit Masraf Al Rayan and its subsidiaries inside Qatar for 2021 and approved their
total fees.
“In case the merger between Masraf Al Rayan and Al Khaliji Bank is not approved, the total audit cost will be QR2.11 million and in case the merger between Masraf Al Rayan and Al Khaliji Bank is approved, the total cost will be QR2.990 million,” the bank said in a statement.
In a message for shareholders on the occasion, Masraf Al Rayan Chairman and Managing Director HE Ali Bin Ahmed Al Kuwari said, “The year 2020 was an exceptional year in which the world and the global markets have faced unprecedented events. However, Masraf Al Rayan managed to overcome all the difficulties and achieved a net profit of QR2.175 billion in 2020. This underlines the strong performance of the bank that succeeded in reserving its seat among the pioneers in a short period of time. The bank’s total assets during the year reached QR121.115 billion compared to QR106.397 billion in 2019, a growth 13.8 percent.”
Moreover, he said, customers total deposits increased to QR68.918 billion while shareholders total equity amounted to QR14.365 billion prior to dividends compared to QR13.919 billion in 2019 with an increase of 3.2 percent.
“During 2020, we have strongly maintained financial indicator ratios as the rate of return on average assets maintained its advanced position at 1.91 percent, the return on average shareholders’ equity reached 15.38 percent, while the earning per share maintained its value at QR 0.29,” he said.
“In addition, capital adequacy ratio, using Basel-III standards, reached 20.31 percent at the end of 2020, and the operational efficiency ratio (cost to income ratio) stood at 21.58 percent and remained at the forefront among banks at the local and regional levels,” he said.
Non-performing financing ratio of 1.13 percent maintained a stable position at a minimum rate among banks, which reflects the strong performance of the credit risk and adopted policies and procedures.
With respect to the bank’s credit rating, the chairman said that Masraf Al Rayan has maintained its credit rating at A1 with a stable outlook as per Moody’s report that reflects the high quality of assets and the solid and stable profitability that supports the high capitalisation of Masraf Al Rayan.
On June 30, 2020, Masraf Al Rayan announced a potential merger between Masraf Al Rayan and Al Khaliji Bank and thereafter, on January 7, 2021, the Bank announced the merger agreement.
Doha
Masraf Al Rayan got approval from shareholders to increase the size of the Sukuk issuance programme from its current size of $2 billion to a maximum size of $4 billion at the virtual Ordinary General Assembly meeting held via Zoom on Monday.
The Ordinary General Assembly of Masraf Al Rayan also approved several other items on the agenda.
The assembly discussed and approved the proposals of the board of directors regarding appropriations and cash dividend of QR 0.17 per share, representing 17 of the paid-up capital for 2020.
The approval to increase the size of Sukuk to $4 billion is based on the recommendation of the board of directors where the total issuances should not exceed 100 percent of the bank’s capital and reserves.
The General Assembly also authorised the board of directors and whomever the board authorises or has previously authorised in this regard to take all necessary actions to follow up on the implementation and determining the final size of the Sukuk issuance programme.
The assembly also resolved that any further increase in the overall programme limit beyond $4 billion shall be subject to the prior approval of the general assembly and the relevant regulatory authorities if required.
The Ordinary General Assembly also approved to appoint of ‘Deloitte & Touche’ to audit Masraf Al Rayan and its subsidiaries inside Qatar for 2021 and approved their
total fees.
“In case the merger between Masraf Al Rayan and Al Khaliji Bank is not approved, the total audit cost will be QR2.11 million and in case the merger between Masraf Al Rayan and Al Khaliji Bank is approved, the total cost will be QR2.990 million,” the bank said in a statement.
In a message for shareholders on the occasion, Masraf Al Rayan Chairman and Managing Director HE Ali Bin Ahmed Al Kuwari said, “The year 2020 was an exceptional year in which the world and the global markets have faced unprecedented events. However, Masraf Al Rayan managed to overcome all the difficulties and achieved a net profit of QR2.175 billion in 2020. This underlines the strong performance of the bank that succeeded in reserving its seat among the pioneers in a short period of time. The bank’s total assets during the year reached QR121.115 billion compared to QR106.397 billion in 2019, a growth 13.8 percent.”
Moreover, he said, customers total deposits increased to QR68.918 billion while shareholders total equity amounted to QR14.365 billion prior to dividends compared to QR13.919 billion in 2019 with an increase of 3.2 percent.
“During 2020, we have strongly maintained financial indicator ratios as the rate of return on average assets maintained its advanced position at 1.91 percent, the return on average shareholders’ equity reached 15.38 percent, while the earning per share maintained its value at QR 0.29,” he said.
“In addition, capital adequacy ratio, using Basel-III standards, reached 20.31 percent at the end of 2020, and the operational efficiency ratio (cost to income ratio) stood at 21.58 percent and remained at the forefront among banks at the local and regional levels,” he said.
Non-performing financing ratio of 1.13 percent maintained a stable position at a minimum rate among banks, which reflects the strong performance of the credit risk and adopted policies and procedures.
With respect to the bank’s credit rating, the chairman said that Masraf Al Rayan has maintained its credit rating at A1 with a stable outlook as per Moody’s report that reflects the high quality of assets and the solid and stable profitability that supports the high capitalisation of Masraf Al Rayan.
On June 30, 2020, Masraf Al Rayan announced a potential merger between Masraf Al Rayan and Al Khaliji Bank and thereafter, on January 7, 2021, the Bank announced the merger agreement.
