Masraf Al Rayan net profit surges 5.5% to QR406m in Q1

Doha, Qatar: Masraf Al Rayan yesterday released its consolidated financial statements for the three month period ended 31 March 2024 with a net profit...

Doha, Qatar: Masraf Al Rayan yesterday released its consolidated financial statements for the three-month period ended 31 March 2024 with a net profit attributable to the equity holders of the bank of QR406m.

H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board stated: “We have delivered a solid performance across our operations in Qatar and overseas. Our total income (net of Finance expenses) and net operating income rose by 24 percent, and 5 percent respectively compared to Q1-2023.

During this quarter, we have finalized our new medium-term strategy, that aims to improve our banking services and maximize our shareholders’ value.

Commenting on Q1 financial performance, Fahad bin Abdulla Al Khalifa, Group Chief Executive Officer said: “We are pleased to announce Q1-2024 net profit of QR406m, which is up by 5.5 percent compared to the first quarter last year. Our overall key financial indicators remain strong; the bank’s financing portfolio stood at QR107bn, total assets at QR159bn, and capital adequacy robust at 23.60 percent. Our efficiency ratio is healthy at 26.26 percent, and we continue to improve it across all functions of the business.

He added, “Our primary focus is delivering an increased value to our shareholders, by improving our technological services and providing seamless customer experience, while preserving prudent risk management.”