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Tribune News Network
Doha
Masraf Al Rayan on Monday said it recorded a net profit of QR1.066 billion for the first half of the year.
This is an improvement of 4.5 percent when compared with the profit of QR1.020 billion achieved by the bank in the corresponding period of 2017
The bank's assets continued its growth, increasing 7.8 percent to reach QR100.448 billion.
The asset quality also continues to be one of the highest in Qatar and the region, maintaining low non performing financing ratio (NPF) of 0.67 percent.
Masraf Al Rayan continues to lead the banking sector with one of the best operational efficiency ratio of 23.36 percent.
On the profitability indicators, the bank maintained one of the best annualised returns on average assets at 2.10 percent and annualised returns on average equity at 16.75 percent, despite the customer depositors' share of profits increasing by 7.8 percent due to higher cost of customer deposits at local and international levels.
Expressing his satisfaction over the results, the bank's Chairman and Managing Director Hussain al Abdulla, said, 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.
"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 fulfil 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, voiced optimism that the announced financial results will support the prudent initiatives of the administration to achieve further success in its bid to realise the objectives set by the Board of Directors, which focuses on developing high quality assets, mitigating risks and offering the best services to its customers.
The bank's financing activities reached QR72.750 billion compared with QR67.959 billion as of June 30, 2017. This is an increase of 7 percent. The period also saw its investments increasing 0.3 percent to QR19.690 billion against QR19.632 million from the year ago period as of 30 June 2017.
Similarly, customer deposits increased 2.4 percent to QR62.701 billion from QR61.206 billion. Shareholders' equity rose 0.3 percent to QR12,262 billion from 12.221 billion.
