Chairman of the Board of Masraf Al Rayan, H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani
Masraf Al Rayan yesterday released its consolidated financial statements for the quarter ended 31 March 2022 with a net profit attributable to the equity holders of the bank of QR506m.
H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, Chairman of the Board of Masraf Al Rayan stated: “Masraf Al Rayan’s results for the first quarter of 2022 embody the resilience of our business. With a post-merger larger balance sheet and increased client base, the bank is firmly on course to enhance its participation in the Qatari economy”.
Commenting on the quarter’s performance, Fahad bin Abdulla Al Khalifa, Group Chief Executive Officer said: “We ended the first quarter of 2022 on a firm footing. During Q1 our emphasis was on harmonizing both teams of employees and ensuring we continue to provide excellent service to our valued clients. A key strategic objective of the bank is to be a leader in innovative Islamic products and services. We are very proud to have launched the country’s first Sharia Compliant Green Deposit and Islamic Sustainable Financing Framework. As we look forward, the bank will capture market share and become an Islamic financial powerhouse which will support the prosperity of our clients, development of the nation and enhance the bank’s social progress.”
Total Income of the bank reached QR1.55bn, up 22 percent compared to Q1 (first quarter), 2021 while Net financing assets closed at QR122bn, registering growth of 34 percent year on year. Deposits closed at QR101bn, an increase of 31 percent year on year and the Capital Adequacy ratio stood at a healthy 20.7 percent.
