H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board of Directors of Masraf Al Rayan
Doha: Masraf Al Rayan yesterday released its consolidated financial statements for the nine-month period ended September 30, 2022 with a net profit attributable to the equity holders of the bank of QR1.36bn.
The Bank’s total income reached QR5.14bn, up 37 percent compared to Q3, 2021, while deposits closed at QR93bn, an increase of 19 percent year-on-year.
The Capital Adequacy ratio stood at 20.25 percent.
H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board of Directors of Masraf Al Rayan stated: “Following the successful achievement of customer day one in June, our focus is on enhancing our technology and process digitalisation to deliver excellent product and seamless services to our valued clients. We look forward to welcoming our overseas guests to Qatar in the coming months to celebrate the momentous occasion of World Cup 2022”.
Fahad bin Abdulla Al Khalifa, Group Chief Executive Officer of Masraf Al Rayan
Commenting on Q3 2022 performance, Fahad bin Abdulla Al Khalifa, Group Chief Executive Officer of Masraf Al Rayan said: “We are pleased with the performance of the bank which is in line with our expectations. Net profit for the third quarter reached QR1.36bn, and reflects our conservative approach to provisioning and rising cost of funds. Our overall key financial indicators remain strong. The bank’s financing portfolio stood at QR117bn, an increase of 34 percent compared to the same period last year, while total assets grew by 32 percent to reach QR164bn”.
He added: “Our cost to income ratio, excluding 2022 one-off merger costs, stood at 22.4 percent. We will continue to improve our operational efficiency across all functions of the business, focusing on retaining client relationships, attracting new business within our risk appetite, in order to strengthen our position and generate value for our shareholders”.
