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Tribune News Network
Doha
Masraf Al Rayan on Monday announced that the bank registered a net profit of QR575 million in the first quarter of 2021, an increase of 5.1 percent compared to the same period last year.
Masraf Al Rayan Chairman and Managing Director HE Ali bin Ahmed Al Kuwari expressed his satisfaction with the notable results on the back of market recovery and high energy prices, particularly in light of adverse conditions from the global spread of the COVID-19 pandemic that reflected negatively on financial markets.
Kuwari commended the precautionary measures taken by Qatar, particularly the financial plans put forward by the government in support of the private sector.
Masraf Al Rayan Group CEO 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 informed strategy and prudent policy adopted by the board of directors, and its successful implementation.
Further elaborating on the financial results, Mustafawi said that the total assets of the bank reached QR125.502 billion at the end of March 2021, compared to QR109.058 billion at the end of March 2020, a growth of 15.1 percent.
Financing activities amounted to QR91.297 billion, compared to QR79.265 billion as of March 31, 2020, an increase of 15.2 percent. Investments reached QR21.063 billion as of March 31, 2021. Customers’ deposits amounted to QR77.449 billion, a growth of 14.3 percent compared to QR67.73 billion as of Mach 31, 2020.
Total shareholders’ equity reached QR 13.674 billion, compared to QR12.745 billion as of March 31, 2020, an increase of 7.3 percent.
The bank’s return on average assets continues to be one of the highest in the market at 1.86 percent. Return on average shareholders’ equity is 16.4 percent, while the earnings per share is QR0.077.
Book value per share reached QR1.82, compared to QR1.7 as of March 31, 2020.
Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.92 percent, compared to 19.89 percent as of March 31, 2020.
The operating efficiency ratio (cost to income ratio) is percent, which continues to be one of the best in the region.
The non-performing financing (NPF) ratio is 1.05 percent and is the lowest in the banking sector, reflecting strong and prudent credit risk management policies and
procedures.
Masraf Al Rayan continues to work on improving its products, providing integrated financing solutions compatible with the provisions of Islamic Sharia law to individuals and corporate customers. The bank is keen on updating its programmes and systems and utilising modern technologies that will develop customer behaviour by transforming their transactions into digital banking through advanced digital platforms, especially in light of COVID-19 restrictions.
Masraf Al Rayan also continues to fulfil its duty towards society through strengthening its participation in the corporate social responsibility system and by providing its support to various sectors.
Mustafawi noted that work is ongoing in terms of securing the requirements for a possible merger between Masraf Al Rayan and Al Khalij Commercial Bank in accordance with the instructions of regulators. He also added that both banks are committed to informing the public and investors of any development in the process.
Meanwhile in a statement on the Qatar Stock Exchange website on Monday, Masraf Al Rayan said that the bank’s board of directors has approved the amendment of the Articles of Association to increase the percentage of non-Qatari ownership to 100 percent subject to the approval of the concerned official authorities and the bank’s extraordinary general assembly.
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20/04/2021
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