Doha, Qatar: Masraf Al Rayan released yesterday its consolidated financial statements for the year ended 31 December 2023 with a net profit attributable to the equity holders of the bank of QR1,452m.

The results issued are subject to Qatar Central Bank’s approval and endorsement by shareholders at the Bank’s Annual General Assembly.

H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board stated: “Masraf Al Rayan ended 2023 on a firm footing, delivering increased profitability of QR1,452m. Total revenues for the Group rose by QR2.4bn and operating expenses decreased by QR282m compared to last year. The results reflect strong performance, across all geographies and subsidiaries, in line with the bank’s strategic direction.”

Commenting on the year-end financial performance, Fahad bin Abdulla Al Khalifa, Group Chief Executive Officer said: “Masraf Al Rayan generated solid Net Operating Income of QR3.5bn during the year owing to diversified revenue streams from financing, investment income, fee and foreign currency activities. The bank has been successful in optimizing its cost base and achieved a Cost to Income ratio of 25.6 percent. We continue to strengthen our balance sheet, enrich our non-performing coverage, and enhance our non-performing financing ratio. We face the coming year with confidence and energy, with a clear focus to deliver seamless, customer-first journeys through full digitization across web, mobile, and physical touchpoints as we roll out our technology strategy.”

After reviewing the audited financials today, the Board was satisfied with the 2023 financial performance and has recommended (subject to QCB approval) to the Annual General Assembly the distribution of a cash dividend of 10 percent of the nominal share value, i.e. QR0.10 per share.

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