GulfBase Live Support
Masraf Al Rayan delivered a net profit of QR1.63bn for the nine months ended September 2018, with an increase of 4.5 percent compared to the similar period in 2017. The bank’s assets grew by 1.0 percent to reach QR99.60bn during the period.
The quality of the bank assets (both financing assets & investments) continues to be one of the highest in the region and globally, maintaining a non-performing financing ratio (NPL) of 0.64 percent which has been maintained consistently within this level for the last many years.
Masraf Al Rayan continues to lead the banking sector with one of the best operational efficiency ratio of 23.12 percent compared to its peers in the market, the bank said yesterday.
On the profitability indicators, Masraf Al Rayan again continued to maintain its leading position with return on average assets at 2.15 percent and return on average equity at 16.72 percent, despite depositors’ share of profits increasing by 12.9 percent due to higher cost profits on deposits at local and international levels.
Commenting on the financial results Dr Hussain Al Abdulla, the Chairman and Managing Director of Masraf Al Rayan, expressed his satisfaction over the results, stating that it is within expectations and in line with the positive indicators of the Qatari economy.
The positive results were backed by a rise in international oil and gas prices and a strong performance of exports, which constitute an additional surplus in the State’s budget at a time when financial markets are still suffering from successive disruptions.
Dr Al Abdulla added: “We are focusing our attention in Masraf Al Rayan on the meaningful contribution to the national economy through our support to infrastructure projects and projects that add value to the national economy. In order to fulfill Masraf Al Rayan’s responsibilities towards its community, we are also working to ensure the success of Qatar’s pioneering experience in hosting the 2022 World Cup, and contributing to the implementation of Qatar National Vision 2030”.
Adel Mustafawi, Masraf Al Rayan’s Group Chief Executive Officer, attributed the solid financial results to the methodical implementation by the executive management of the prudent strategy set by the Board of Directors, which paved the way to develop high quality assets while maintaining diversity and serving a wide range of customer segments.
Mustafawi noted that the bank’s financial position remains solid with consistent asset quality and profitability. This came in line with the management’s ability to adapt to the current market conditions by working with dynamism and flexibility, which reflected positively on all financial indicators.
The bank’s financing activities reached QR74bn, up 8.3 percent compared to QR68.48bn recorded in September 2017. Investments reached QR19.46bn. Customer deposits increased to QR64.47bn compared to QR60bn or 7.4 percent up form a year ago.
The bank’s shareholders’ equity reached QR12.8bn from QR12.7bn. Masraf Al Rayan’s return on average assets continues to be one of the highest in the market at 2.15 percent. Return on average shareholders’ equity of the bank reached 16.72 percent and Earnings per share for the period reached QR2.18 compared to QR2.08 for the period ended 30 September 2017.
The bank’s Non-performing financing (NPF) ratio remained at 0.64 percent reflecting a very strong and prudent credit risk management policies and procedures.
Masraf Al Rayan, a leading bank in Qatar and the region, delivered a net profit of QR1.06bn for the first half of 2018 ( H1, 18), up 4.5 percent compared to the profit in the same period of the previ
Masraf Al Rayan has reported more than 4% year-on-year growth in net profit to QR531mn in the first three months of this year. Total assets reached QR103.49bn, registering an increase of 9.7%, with f
Qatar’s first Shari’a-compliant exchange traded fund and arguably, the largest single-country Shari’a compliant ETF in the world was listed on Qatar Stock Exchange (QSE) yesterday. The Al Rayan Qatar
Sharjah-based Air Arabia posted a 17 per cent drop in net profits for the first nine months of 2018, despite an increase in turnover to Dh3 billion ($816.6 million).
The airline's net prof
Union Properties, a leading real estate company based in Dubai, UAE, said it has recorded a net profit of Dh145.6 million ($40 million) for the first nine months of 2018, compared to a net loss of Dh
The Abu Dhabi government and the Abu Dhabi National Oil Company (Adnoc) have signed the first of a series of concession agreements with Italy’s multinational oil and gas company Eni, awarding it a 25
The Initial Public Offering (IPO) of Saudi Aramco will “definitely” happen, the company’s chief executive confirmed on Sunday, but he said it is not expected until 2021 after the potential acquisitio
Kuwait Finance House-Bahrain (KFH-Bahrain), one of the leading Islamic banks in the country, has launched new products under its private banking offer. Abdul Razak Jawahery, executive manager of th