Masraf Al Rayan reports 4.5% growth in H1 profit to QR1.07bn


Editorial Staff Wcryptn

Date: 23.07.2018

Masraf Al Rayan’s assets expanded 8% to QR100.45bn and its asset quality continues to be one of the highest in Qatar and the wider region

Masraf Al Rayan has reported a 4.5% year-on-year growth in net profit to QR1.07bn in the first six months of this year.
The bank’s assets expanded 8% to QR100.45bn and its asset quality continues to be one of the highest in Qatar and the wider region, maintaining a low non-performing financing ratio of 0.67%.
The Islamic lender continues to lead the banking sector with one of the best operational efficiency ratios of 23.6% at the end of June 30, 2018.
Masraf Al Rayan chairman and managing director Hussain al-Abdulla said the profitability was 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 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,” he said.
He said the bank is focusing on its support to infrastructure and those projects that add value to the national economy.
The lender’s annualised return on average assets stood at 2.1% and annualised return on average equity at 16.75% despite the customer deposits’ share of profits increasing 8% due to higher cost of deposits at local and international levels.
Customers’ deposits reported more than 2% expansion to QR62.7bn during January-June this year.
The bank’s total financing witnessed 7% annual growth to QR72.75bn and investments were up 0.3% to QR19.69bn at the end of six month ended June 30, 2018.
Shareholders’ equity reached QR12.26bn and earnings-per-share amounted to QR1.42 at the end of June 30, 2018.
Adel Mustafawi, Masraf Al Rayan’s group chief executive, said the financial results would support the prudent initiatives of the bank to achieve further success in its bid to realise the objectives set by the board, which focused on developing high quality assets and mitigating risks.

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