Masraf Al Rayan posts net profit Of QAR 1.078 billion during the first half of 2019

DOHA: Masraf Al Rayan Bank has announced its financial results for the six months ending 30 June 2019, achieving a net profit of QAR 1.078 billion, an increase of 1.15% compared to the corresponding period in the previous year.

The Bank’s assets portfolio continued to exhibit a strong performance at both local and regional levels, while maintaining a low rate of nonperforming financing (NPF), which is considered to be one of the best ratios internationally. Masraf Al Rayan continued to have the best operating efficiency ratio among local banks, at 23.47%.

In terms of profitability indicators, Masraf Al Rayan continued to maintain its leading position with a 2.16% return on average assets and a 16.50% return on average equity, despite the increase in the return on customer deposits by 16.7% as a result of increased cost of deposit at both local and global levels.

“The results of the first half of 2019 may not be a huge leap compared to what the Bank had achieved during the first half of last year,” commented His Excellency Hussein Al Abdullah, Chairman and Managing Director. He added that: “The increase in profits was modest due to the increase in borrowing and deposit costs.”

However, H.E. Al Abdullah expressed optimism that the Bank will continue to achieve good results and positive growth, driven by Qatar’s strong economy. “The country is working diligently to create new productive projects that would expand the investment base and foster growth in the revenues of the State, thus, ensuring the continuity of the growth cycle.” he added.

Adel Mustafawi, Group Chief Executive Officer, expressed his satisfaction with the results achieved. He said that it reflects the success of the very strong and prudent credit risk management policies and procedures that focus on high-quality asset development while continuing to develop the services provided to customers and improve performance.

He stressed that the Bank continues to focus on the domestic and regional leadership of Masraf Al Rayan as well as on strengthening its brand position.

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