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Masraf Al Rayan posted a net profit of QR765mn for the six months that ended in June this year.
The bank’s total assets stood at QR160bn in the first half of the year.
Masraf Al Rayan’s total income reached QR4.61bn in the first half of the year compared to QR3.27bn for the same period last year.
Net financing assets closed at QR112bn and deposits at QR89bn in six months up to June, Masraf Al Rayan said Monday.
Masraf Al Rayan’s cost to income (efficiency) ratio stood at 26.7% and the capital adequacy ratio at 21.35% in June this year.
Masraf Al Rayan Chairman HE Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani stated, “Total income reached QR4.61bn for the six months ending June 2023. The bank has a healthy capital base, strong funding and a liquidity coverage ratio of 129% comfortably higher than the regulatory requirement. During this quarter, Masraf played an active part in supporting local currency market issuance, by investing in sovereign T-bills and sukuk, which positively contributed to its investment’s profitability.”
Commenting on H1, 2023 performance, Group CEO Fahad bin Abdulla al-Khalifa said, “We are pleased to announce a net profit for the first half of 2023, of QR765mn in line with our expectations.
“We continue to prioritise prudent risk management, enriching the non-performing coverage to address legacy issues, and preservation of margins. We have recently launched our Premier Banking offering, which delivers an enhanced value proposition and personalised level of service to both our new and existing loyal client base. Our focus remains on improving efficiency through adoption of technologies, and delivering continuous improvement in the customer journey,” he said.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).The bank’s total assets stood at QR160bn in the first half of the year.
Masraf Al Rayan’s total income reached QR4.61bn in the first half of the year compared to QR3.27bn for the same period last year.
Net financing assets closed at QR112bn and deposits at QR89bn in six months up to June, Masraf Al Rayan said Monday.
Masraf Al Rayan’s cost to income (efficiency) ratio stood at 26.7% and the capital adequacy ratio at 21.35% in June this year.
Masraf Al Rayan Chairman HE Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani stated, “Total income reached QR4.61bn for the six months ending June 2023. The bank has a healthy capital base, strong funding and a liquidity coverage ratio of 129% comfortably higher than the regulatory requirement. During this quarter, Masraf played an active part in supporting local currency market issuance, by investing in sovereign T-bills and sukuk, which positively contributed to its investment’s profitability.”
Commenting on H1, 2023 performance, Group CEO Fahad bin Abdulla al-Khalifa said, “We are pleased to announce a net profit for the first half of 2023, of QR765mn in line with our expectations.
“We continue to prioritise prudent risk management, enriching the non-performing coverage to address legacy issues, and preservation of margins. We have recently launched our Premier Banking offering, which delivers an enhanced value proposition and personalised level of service to both our new and existing loyal client base. Our focus remains on improving efficiency through adoption of technologies, and delivering continuous improvement in the customer journey,” he said.
