• Total Income net of Finance expense reached QAR 4.3 billion, compared to QAR 3.5 billion for H1 2023;
  • Net financing assets closed at QAR 108.4 billion and Deposits at QAR 108.9 billion
  • Cost to Income (efficiency) ratio 26.2%
  • The Capital Adequacy ratio stood at 23.73%

Doha: Masraf Al Rayan Q.P.S.C today released its consolidated financial statements for the six-month period ended 30 June 2024 with a Net Profit attributable to the equity holders of the bank of QAR 789 million.

His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated:

“We continue to deliver a good performance across our operations in Qatar and overseas. Our total income (net of Finance expenses) and net operating income rose by 23%, and 4% respectively compared to the first half of last year. During the first half of the year, we have finalized and commenced our new medium-term strategy, that aims to improve our banking services and maximize our shareholders’ value.”

Commenting on H1 financial performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said:

“We are pleased to announce H1-2024 net profit of QAR 789 million, which is up by 3.2% compared to the same period last year. Our overall key financial indicators remain strong; the bank’s financing portfolio stood at QAR 108 billion, total assets at QAR 162 billion, and capital adequacy robust at 23.73%. Our efficiency ratio is healthy at 26.16%, and we continue to improve it across all functions of the business, with a primary focus on delivering an increased value to our shareholders, while preserving prudent risk management.”

 Key Financial Highlights

Balance Sheet - QAR billion

H1-2024

Q4-2023

Change

Total Assets

162

164

-1.3%

Financing assets

108

108

0.2%

Investments

39

39

-0.5%

Deposits

109

93

17.5%

Shareholders’ Equity

23.4

23.6

-0.7%

    
    

Income Statement - QAR million

H1-2024

H1-2023

Change

Total income, net of finance expense

4,312

3,510

22.8%

Net operating profit

1,828

1,763

3.7%

Operating expenses & Tax

478

434

10.2%

Net Impairment Charges

548

553

-1.0%

Net profit attributable to shareholders

789

765

3.2%

Earnings Per Share (QAR)

0.085

0.082

3.2%

    
    

Group ratios

H1-2024

H1-2023

 

Efficiency (%)

   

Cost to Income

26.16%

24.63%

 

Finance Quality

   

Non-Performing finances (QAR million)

6,641

7,459

 

NPL ratio (%)

5.86%

6.41%

 

Capital Management (%)

   

Capital adequacy ratio (CAR)

23.73%

21.35%

 

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-Ends-

For further information please visit our investor relations page on our website https://www.alrayan.com or contact our Investor Relations team at IR@alrayan.com