Masraf Al Rayan posts net profit of QR1.03 bn in first half of 2022

Tribune News NetworkDohaMasraf Al Rayan on Thursday released its consolidated financial statements for the half year ended June 30, 2022, with a net profit attributable to the equity holders of the bank of QR1.03 billion.The bank’s total income reached QR3.27 billion, up 29 percent compared to the first half of 2021.While the bank’s net financing assets closed at QR119 billion, growing 30 percent year on year, deposits closed at QR97 billion, an increase of 28 percent year on year.The bank’s capital adequacy ratio stood at 20 percent.Masraf Al Rayan Chairman HE Sheikh Mohammed bin Hamad bin Qassim Al Thani said, "Masraf Al Rayan’s results announced today are in the backdrop of successful completion of the key integration activities relating to its merger with al khaliji. We continue to focus on building a strong and diversified business that delivers long-term value for shareholders and other stakeholders.”Commenting on the first half of 2022 performance, Masraf Al Rayan Group Chief Executive Officer Fahad bin Abdulla Al Khalifa said, "We are pleased to announce results for the first six months of 2022, during which time the team and I put a concerted effort in completing the integration journey of the two banks. This was achieved in a short period of six months since completing the legal merger on December 1, 2021. We are grateful to our customers, regulators, staff and all other stakeholders that contributed to this journey."During this period, we are very proud to have launched the country’s first Sharia Compliant Green Deposit and Islamic Sustainable Financing Framework. Our goal remains to be the bank of choice for our current and potential future customers, delivering innovative Islamic products and services.”