Masraf Al Rayan Q P S C : ACHIEVES AN INCREASE IN NET PROFIT OF 3.1%
October 18, 2021 at 12:22 pm EDT
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Masraf Al Rayan announced its financial results for the period ending 30 September 2021 - net profit of QAR 1,713 million, a growth of 3.1% compared to the same period last year.
His Excellency Mr. Ali bin Ahmed Al Kuwari, Chairman and Managing Director, commented on the results by saying "We are pleased to see Masraf Al Rayan maintain its performance, and continue to grow steadily and strongly, promising good results towards the end of the year, despite the circumstances facing the world as a whole, foremost of which are the negative consequences imposed by the spread of the COVID-19 pandemic, without forgetting in return the other positive factors which had a good impact on the financial markets, the most important of which is the presence of a strong and growing economy supported by a noticeable rise in energy prices."
His Excellency added: "The announcement of these good results comes along with the success of the Extraordinary General Assembly meeting of Masraf Al Rayan and the approval of the shareholders on the merger between Masraf Al Rayan and Al Khalij Commercial Bank, aimed at achieving the main objective of the merger, which is to reach a larger financial institution with a strong financial position and great liquidity that will continue to support the added value for our valued shareholders." On the other hand, the merger's integration adviser and the work team assigned by the two banks are working on completing the process of technical integration between the two banks, as well as obtaining other regulatory approvals necessary to complete the merger process successfully.
As for Mr. Ahmed Sheikh, Acting Group CEO, he explained that these results were in line with expectations, as they were the result of following a clear strategy that the Board of Directors was credited with developing and following up on its implementation using the best means and according to the most accurate standards, supported by a qualified team of employees who had a major role in providing a high level of services to our customers.
Summary of financial results:
Total assets amounted to QAR 124,765 million, compared to QAR 116,548 million as on 30 September 2020, a growth of 7.1%
Financing activities amounted to QAR 87,010 million, compared to QAR 80,775 million as on 30 September 2020, an increase of 7.7%
Investments reached QAR 22,213 million as of 30 September 2021, compared to QAR 21,182 million as on 30 September 2020, an increase of 4.9%
- Customer deposits amounted to QAR 78,162 million, compared to QAR 66,653 million as on 30 September 2020, a growth of 17.3%
- Total shareholders' equity reached QAR 14,834 million, compared to QAR 13,889 million on 30 September 2020, an increase of 6.8%
Financial Indicators:
Return on average assets continues to be one of the highest in the market at 1.86%
Return on average shareholders' equity is 15.64%
Earnings per share is QAR 0.228
Book value per share reached QAR 1.98, compared to QAR 1.85 as of 30 September 2020
Capital adequacy ratio, using Basel III standards and QCB regulations, reached 20.06% compared to 19.52% as of 30 September 2020
Operating efficiency ratio (cost to income) is 20.77%, which continues to be one of the best in the region
Non-performing financing (NPF) ratio is 1.46% and is one of the lowest in the banking sector, reflecting strong and prudent credit risk management policies and procedures
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Masraf al Rayan QSC published this content on 18 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2021 16:21:02 UTC.
Masraf Al Rayan QPSC (Masraf) is a Qatar-based Islamic bank engaged in the provision of banking, financial, investment and brokerage services. The Bank operates in three segments: the Corporate Banking segment provides a range of Islamic funded and non-funded credit facilities, deposit services, investment advisory, currency exchange facilities, profit rate swaps, financing syndication and other services to corporate, commercial and multinational customers; the Retail banking segment provides investment accounts services, credit card and Islamic financing to retail and individual customers, and the Al Rayan Investment segment is structured into two divisions: the management of the Bankâs portfolio of listed and private equities and funds, sukuk and real estate investments, and the development and operation of the Bankâs investment products, asset management and investment placement business.