Masraf Al Rayan yesterday announced its financial results reporting a net profit of QR547m for the first quarter of of this year (Q1, 2020), registering a marginal an increase of 0.5 percent compared to the same period last year.
Earnings per share reached QR0.073. During the current reporting period, the bank’s financing activities reached QR79.26bn, an increase of 4.5 percent compared to 2019. Investments increased by 7.9 percent to QR21.62bn.
While customer deposits also increased by 5.1 percent to QR67.73bn. Total assets reached QR109.05bn, an increase of 8.7 percent compared to QR100.31bn during the same period in 2019. Ali bin Ahmed Al Kuwari, Chairman and Managing Director at Masraf Al Rayan, said: “The results achieved are quite satisfactory especially in light of the adverse conditions the world is presently witnessing.
The spread of the COVID-19 pandemic, the sharp plunge in oil prices, the decline in stock exchange indices along with the imminent economic recession have together had an extremely adverse impact on almost all the global economies. In the midst of all these, the confidence-building measures undertaken by the Qatari government with a view towards propping up the national economy, in particular the private sector, deserves commendation.
There is no doubt that we are going through challenging times. However, we will spare no effort in ensuring the continued growth and development of Masraf Al Rayan.” Adel Mustafawi, Group CEO of Masraf Al Rayan, reiterated that the results are a reflection of the strong ratios the bank continues to maintain in all its key financial indicators. He added that the bank’s cost to income ratio stood at 22.71 percent and remained as one of the best operational efficiency ratios in the region.
Capital adequacy ratio, using Basel-III standards and QCB regulations, also reached 19.89 percent. Masraf Al Rayan continues to focus on providing integrated Sharia-compliant banking solutions for both retail and corporate customers in order to meet their increasing and varied needs, and on developing technology-based banking services made available in various forms and applications.
The bank attaches the highest importance to the training and development of its employees in general, with a keen focus on developing its Qatari manpower in particular, in line with the strategies of the bank.
Employees are also offered a wide range of e-learning opportunities. The bank continues to focus on fulfilling the governance requirements issued by the Qatar Central Bank and Qatar Financial Markets Authority, with a view towards achieving enhanced transparency, justice and protection of rights. Masraf Al Rayan takes pride in being at the forefront of adopting the latest best practices in corporate governance that meet international benchmarks.
In line with the Government’s as well as QCB’s guidelines during the COVID-19 pandemic, the bank has undertaken various measures such as regular sanitisation of branches, reduced branch working hours, remote banking and adoption of state-of-the-art technologies.
