DOHA: Masraf Al Rayan yesterday announced a net profit of QR537m for the first quarter of 2016, reflecting a 5.1 percent growth compared to the same period in 2015.
Dr Hussain Al Abdulla, the Chairman and Managing Director of Masraf Al Rayan, underlined the prudent approach taken by Masraf Al Rayan to optimise the bank’s resources to overcome the ongoing challenges in the local, regional and global markets emanating from different sources, primarily from the lower oil prices and resultant liquidity challenges.
Adel Mustafawi, Group Chief Executive Officer at Masraf Al Rayan, stated that “the results represent consolidated financial results including subsidiaries and affiliates; including Al Rayan Bank UK Plc”.
Mustafawi added that the announced financial results alongside the key ratios and financial indicators demonstrate once again the resolve and focus of the management and staff in implementing board approved prudent policies and strategies to achieve sustainable performance with an upward trend”.
Return on Assets of the bank continues to be one of the highest in the market at 2.5 percent while return on shareholders’ equity of the bank reached 19.07 percent compared to 19.35 percent for the period ended 31 March 2015. Earnings per share for the period reached QR0.716 compared to QR0.681 for the period ended 31 March 2015. Non-performing financing (NPF) ratio remained at 0.09 percent reflecting a very strong and prudent credit risk management policies and procedures.
Total assets of the bank reached QR87.4bn compared to QR83.46bn as of 31 March 2015, an increase of 4.8 percent. Financing activities reached QR65.43bn compared to QR63.11bn as of 31 March 2015, an increase of 3.7 percent.
Investments reached QR14.16bn compared to QR14.99bn as of 31 March 2015, an increase of 5.9 percent. Customer deposits declined to QR56.13bn compared to QR60.83bn as of 31 March 2015, a decrease of 7.7 percent. Financing activities reached QR11.26bn compared to QR10.56bn as of 31 March 2015, an increase of 6.6 percent.