Profit statements

Masraf Al Rayan announces net profit of QR 1.36 billion over nine months

HE Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board of Masraf Al Rayan

Doha: Masraf Al Rayan yesterday released his consolidated financial statements for the nine-month period ended September 30, 2022 with a net profit attributable to shareholders of the bank of QR 1.36 billion.

The Bank’s total revenue reached QR 5.14 billion, up 37% from Q3 2021, while deposits closed at QR 93 billion, up 19% year-on-year.

The capital adequacy ratio stood at 20.25%.

HE Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board of Masraf Al Rayan, said: “Following the successful first customer day in June, our goal is to improve our technology and digitization of processes to provide excellent product and services to our valued customers. We look forward to welcoming our foreign guests to Qatar in the coming months to celebrate the momentous occasion of the 2022 World Cup.”

Fahad bin Abdulla Al Khalifa, Managing Director of Masraf Al Rayan Group

Commenting on the performance for the third quarter of 2022, Fahad bin Abdulla Al Khalifa, Managing Director of Masraf Al Rayan Group, said: “We are satisfied with the bank’s performance which is in line with our expectations. Third quarter net profit reached QR 1.36 billion and reflects our cautious approach to provisioning and the rising cost of funds. Our main global financial indicators remain solid. The bank’s funding portfolio stood at QR117 billion, an increase of 34% over the same period last year, while total assets increased by 32% to QR164 billion. “.

He added: “Our cost/income ratio, excluding one-time 2022 merger costs, was 22.4%. We will continue to improve our operational efficiency across all business functions, focusing on building customer loyalty, attracting new business within our risk appetite, to strengthen our position and generate value for our shareholders”.