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Tribune News Network
Doha
Masraf Al Rayan on Tuesday announced that it has achieved a net profit of QR2.175 billion in 2020. The board of directors of Masraf Al Rayan has proposed to distribute cash dividends of QR0.170 per share (17 percent of the paid-up capital) in its meeting held on Tuesday.
The proposal to distribute cash dividends is subject to approval of the Ordinary General Assembly and the Qatar Central Bank.
The board has set March 2, 2021, as the date for the Ordinary General Assembly meeting.
Commenting on the financial results, Masraf Al Rayan Chairman and Managing Director HE Ali bin Ahmed Al Kuwari said, “The year 2020 was an exceptional one by all standards, and we are happy to have successfully passed that stage. It witnessed events not seen before as the COVID-19 pandemic hindered economic activity and affected global markets.
“It caused decline in energy prices to record numbers as a result of the low demand, the caution in the markets and the decrease in liquidity. Negative results of global growth, the high cost of borrowing, and the calculation of higher rates of allocations as a precautionary measure -all contributed to 2020 being as an exceptional one. However, our insistence was great at Masraf Al Rayan to face these difficulties and come up with the best results, relying on the strength and durability of the Qatari economy, and government measures that were supportive of all economic activities, so we hope that we have succeeded in that.”
He said, “The recommendation of the Board of Directors of Masraf Al Rayan to distribute cash dividends of QR0.17 per share to the shareholders is the best evidence for the proper performance of Masraf Al Rayan.”
Masraf Al Rayan Group CEO Adel Mustafawi said, “The results are good and achieving them was a great challenge. Masraf Al Rayan maintained its credit rating, its position amongst banks in Qatar, and maintained its financial indicators ratios; achieving the lead in terms of operational efficiency and a low ratio of bad debts.”
Mustafawi said, “Total assets of the bank amounted to QR121.115 billion compared to QR106.397 billion as of December 31, 2019, a growth of 13.8 percent. Financing activities amounted to QR85.983 billion compared to QR74.837 billion in 2019, a growth of 14.9 percent. Investments totalled QR21.12 billion as of
December 31, 2020.”
“Customer deposits increased to reach QR68.918 billion compared to QR65.613 billion in 2019, an increase of 5 percent. Total shareholders’ equity (before distribution) reached QR14.365 million, compared to QR13.919 million in 2019, an increase of 3.2 percent,” he said.
Return on average assets maintained an advanced position in the financial market, reaching 1.91 percent. Return on the average shareholders’ equity of the bank reached 15.38 percent. The earnings per share were QR0.29 compared to QR0.29 at the end of 2019. Book value per share before distribution is QR1.92 compared to QR1.86 as of December 31, 2019.
The capital adequacy ratio reached 19.7 percent according to Basel III standards, compared to 20.27 percent by the end of 2019. Operating efficiency ratio (cost to income ratio) has reached 21.58 percent to remain one of the best ratios in the region.
The non-performing financing ratio (NPF) has reached 1.13 percent, which reflects very strong and prudent credit and risk management policies and procedures.
Masraf Al Rayan continues to focus with interest in improving its products and providing integrated financing solutions compatible with the provisions of Islamic law to individual and corporate customers alike.
Doha
Masraf Al Rayan on Tuesday announced that it has achieved a net profit of QR2.175 billion in 2020. The board of directors of Masraf Al Rayan has proposed to distribute cash dividends of QR0.170 per share (17 percent of the paid-up capital) in its meeting held on Tuesday.
The proposal to distribute cash dividends is subject to approval of the Ordinary General Assembly and the Qatar Central Bank.
The board has set March 2, 2021, as the date for the Ordinary General Assembly meeting.
Commenting on the financial results, Masraf Al Rayan Chairman and Managing Director HE Ali bin Ahmed Al Kuwari said, “The year 2020 was an exceptional one by all standards, and we are happy to have successfully passed that stage. It witnessed events not seen before as the COVID-19 pandemic hindered economic activity and affected global markets.
“It caused decline in energy prices to record numbers as a result of the low demand, the caution in the markets and the decrease in liquidity. Negative results of global growth, the high cost of borrowing, and the calculation of higher rates of allocations as a precautionary measure -all contributed to 2020 being as an exceptional one. However, our insistence was great at Masraf Al Rayan to face these difficulties and come up with the best results, relying on the strength and durability of the Qatari economy, and government measures that were supportive of all economic activities, so we hope that we have succeeded in that.”
He said, “The recommendation of the Board of Directors of Masraf Al Rayan to distribute cash dividends of QR0.17 per share to the shareholders is the best evidence for the proper performance of Masraf Al Rayan.”
Masraf Al Rayan Group CEO Adel Mustafawi said, “The results are good and achieving them was a great challenge. Masraf Al Rayan maintained its credit rating, its position amongst banks in Qatar, and maintained its financial indicators ratios; achieving the lead in terms of operational efficiency and a low ratio of bad debts.”
Mustafawi said, “Total assets of the bank amounted to QR121.115 billion compared to QR106.397 billion as of December 31, 2019, a growth of 13.8 percent. Financing activities amounted to QR85.983 billion compared to QR74.837 billion in 2019, a growth of 14.9 percent. Investments totalled QR21.12 billion as of
December 31, 2020.”
“Customer deposits increased to reach QR68.918 billion compared to QR65.613 billion in 2019, an increase of 5 percent. Total shareholders’ equity (before distribution) reached QR14.365 million, compared to QR13.919 million in 2019, an increase of 3.2 percent,” he said.
Return on average assets maintained an advanced position in the financial market, reaching 1.91 percent. Return on the average shareholders’ equity of the bank reached 15.38 percent. The earnings per share were QR0.29 compared to QR0.29 at the end of 2019. Book value per share before distribution is QR1.92 compared to QR1.86 as of December 31, 2019.
The capital adequacy ratio reached 19.7 percent according to Basel III standards, compared to 20.27 percent by the end of 2019. Operating efficiency ratio (cost to income ratio) has reached 21.58 percent to remain one of the best ratios in the region.
The non-performing financing ratio (NPF) has reached 1.13 percent, which reflects very strong and prudent credit and risk management policies and procedures.
Masraf Al Rayan continues to focus with interest in improving its products and providing integrated financing solutions compatible with the provisions of Islamic law to individual and corporate customers alike.
