Doha, 11 October 2020
Masraf Al Rayan announced today that it achieved a net profit of QAR 1,662 million during the period ended 30 September 2020, an increase of 0.53% compared to the same period last year.
His Excellency Mr. Ali Bin Ahmed Al Kuwari, Chairman and Managing Director, stated that achieving the results is notable, particularly in light of adverse conditions from the global spread of the COVID-19 pandemic that reflected negatively on financial markets, in addition to the sharp plunge in energy prices.
His Excellency also noted that measures taken by the State of Qatar and the support plans it proposed, in particular the extension of the National Insurance Program, helped the private sectors to overcome these difficult circumstances.
For his part, Mr. Adel Mustafawi, Group Chief Executive Officer, expressed his satisfaction with the bank's performance amidst all the challenges. He noted that such success was due to the bank's informed strategy and prudent policy adopted by the Board of Directors, and its successful implementation.
Mr. Mustafawi further elaborated on the financial results as follows:
Total assets reached QAR 116,548 million, compared to QAR 105,050 million as of 30 September 2019, a growth of 10.9%
Finance activities amounted to QAR 80,775 million, compared to QAR75,563 million as of 30 Investments September 2019, an increase of 6.9%
reached QAR 21,182 million as of 30 September 2020
Customer deposits reached QAR66,653 million as of 30 September 2020
Total shareholders' equity reached QAR 13,889 million, compared to QAR 13,431 million as of 30 September 2019, a growth of 3.4%
Commitment to the Society and the Environment
Return on average assets continues to be one of the highest in the market at 2.00%
Return on average shareholders' equity is 15.94%
Earnings per share reached QAR 0.222
Book value per share reached QAR 1.85 compared to QAR 1.79 as of 30 September 2019
Capital adequacy ratio, using Basel-III standards and QCB regulations, reached 19.52% as of 30 September 2020
Operational efficiency ratio (cost to income ratio) stood at 21.74% and continued as one of the best in the region.
Non-performing financing (NPF) ratio of 1.08% is the lowest in the banking sector reflecting strong and prudent credit and risk management policies and procedures
Masraf Al Rayan is committed to continuously fulfilling its obligation towards the environment and the society, by contributing to various beneficiaries from different sectors.
Masraf Al Rayan continuously enhances its measures taken to combat COVID-19 and ensures the adequacy of these preventive measures.
Lastly, Mr Mustafawi noted that the potential merger discussions of Masraf Al Rayan and Al Khalij Commercial Bank is ongoing as scheduled. He also added that both banks are committed to informing the public and investors about any progress in this regard.
Masraf al Rayan QSC published this content on 11 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2020 05:44:00 UTC