DOHA: Masraf Al Rayan, a leading bank in Qatar and the region, reported a net profit of QR1.5bn during the first nine months of 2015 compared to QR1.4bn for the corresponding period of the previous year, a growth rate of 6.14 percent.
The bank’s total assets reached QR79.53bn compared to QR77.83bn as of September 30, 2014, a growth of 2.20 percent. Financing activities increased to QR59.98bn, a growth of 9.21 percent. Investments decreased to QR 13.6bn, a decline of 8.98 percent. Customers’ deposits reached QR52.7bn, compared to QR59.9bn, a decline of 12.05 percent.
Dr Hussain Al Abdulla, the Chairman and Managing Director of Masraf Al Rayan, said; “The results are derived from our continued efforts to build on our prudent strategy and our flexible business model set to yield value for our shareholders and customers alike”.
Adel Mustafawi, Group Chief Executive Officer at Masraf Al Rayan, commended the results attributing them to the successful roll out of a series of solid plans and initiatives supported by pioneering products and services to meet the needs of customers. “Our customer focused business model enables us to overcome the impact of different business challenges which Masraf Al Rayan faces on day to day basis,” he said.
Mustafawi noted that the published consolidated financial statements include Masraf Al Rayan along with the group subsidiaries and affiliates, including the financial statements of Al Rayan Bank Plc.
Shareholders Equity reached QR11.5bn compared to QR10.84bn as of September 2014, a growth of 6.44 percent. On the bank’s financial ratios, Mustafawi said return on assets kept its outpost within the local financial market to be one of the highest at 2.54 percent. Return on shareholders’ equity reached 17.49 percent compared to 17.54 percent a eyar ago. Earnings per share reached QR2.019 compared to QR1.902. Book value per share rose to QR15.39 from QR14.46.
The bank’s capital adequacy ratio reached 17.91 percent using Basel-III standards compared to 17.79 percent. Operational efficiency ratio (cost to income ratio) is at 20.11 percent continues to be one of the best in the region and the world.
Masraf Al Rayan’s non-performing loans (NPL) ratio of 0.08 percent again continues to be one of the lowest regionally and globally, reflecting a very strong and prudent credit risk management policies and procedures.
At the retail level, the bank offers countless solutions to meet the different needs of different customers. In the Corporate sector, it offers a wide range of banking solutions, using them in financing working capital, purchase of goods, vehicles, equipment, machinery and other assets used in production. “This wide range of products helps our clients importing of goods, equipment, machinery, other assets, and the financial ability to provide guarantees for the implementation of various projects,” Mustafawi said.
Masraf Al Rayan is in the process of obtaining regulatory approvals in relation to Al Rayan Exchange Traded Fund; the first sharia’h ETF to be listed on Qatar Exchange.
