Masraf Al Rayan posts net profit of QR1.7 bn for 2021

Tribune News Network Doha Masraf Al Rayan on Thursday announced that the bank reported a net profit of QR1,718 million (QR1.7 billion) for 2021. The tota...

Tribune News NetworkDoha Masraf Al Rayan on Thursday announced that the bank reported a net profit of QR1,718 million (QR1.7 billion) for 2021. The total income of the bank exceeded QR5,106 million, while the financing assets reached QR121 billion, an increase of 40.2 percent from 2020.Deposits closed at QR107 billion, an increase of 55.2 percent compared to 2020. Total assets of the bank increased by 43.7 percent to QR174 billion.Shareholders’ equity increased by 63.4 percent to QR23.5 billion. The capital adequacy ratio at year-end stood at a healthy 20.95 percent. The board has recommended (subject to QCB approval) to the Annual General Assembly the distribution of a cash dividend of 17 percent of the nominal share value, that is QR0.17 per share.Commenting on the results, Masraf Al Rayan Chairman HE Sheikh Mohammed bin Hamad bin Qassim Al Thani said, “The year 2021 was a momentous year for Masraf Al Rayan. We announced our merger with Al Khalij Commercial Bank in January 2021 and completed it in December, creating one of the leading Shari’a-compliant lenders in the region with a robust capital position and strong liquidity.“The year continued with the challenges of the COVID-19 pandemic. Businesses and individuals required skilful navigation through these volatile times. Masraf Al Rayan as an Islamic Bank holding a significant market share ensured its customers were well-supported to navigate through these challenging times.”Masraf Al Rayan as a larger entity, with a strong management team and diversified business model, is well-positioned to contribute to Qatar’s growth and realisation of Qatar’s Vision 2030 milestones.“On behalf of the Board, I would like to express appreciation to the Qatar Central Bank, the Qatar Financial Markets Authority, the Ministry of Finance, the Ministry of Commerce and Industry and all other stakeholders for their continued support during 2021, and also extend our gratitude to shareholders, our valued customers, and the MAR executive team and employees for their continued dedication and commitment,” the chairman said.Commenting on the year’s performance, Masraf Al Rayan Group Chief Executive Officer Fahad bin Abdulla Al Khalifa said, “Despite the many challenges presented by the COVID-19 pandemic the Masraf team performed exceptionally to support our valued clients and deliver a solid financial performance. Our customers are at the heart of everything we do and we realise the importance of ensuring meaningful support during difficult times, as long-term relationships are to the benefit of all parties.”“I am excited for the future of the bank following its merger with al khaliji in late 2021. While our immediate focus is on the operational integration of both banks into one seamless platform, our medium-term plans are ambitious. The transformation journey will focus on enhancing our customer experience through service excellence, speed and technology. These measures will strengthen the links between our local and international footprint in the UAE, France and the UK to better serve our client’s overseas banking requirements,” Khalifa said.He said, “Environmental and social responsibility is very important to the bank and we recognise our obligations to make a positive impact on the local community. We will support, develop and promote local talent to continue the future success of the bank and their valued contribution to broader society. The bank will also prioritise sustainable green financing in line with our commitment to the global community.”“As a leading Islamic financial institution, Masraf Al Rayan enjoys strong relationships with Government and Government-Related Entities (GRE’s), for which we are most grateful. Our larger merged bank aims to support the build-out and development of the country in line with the ambitions of QNV 2030,” the group chief executive officer said.