(MENAFN- The Peninsula) The Peninsula
Masraf Al Rayan, a leading bank in Qatar and the region, has reported a net profit of QR1.56bn for the first nine months of the financial year ended September 30, 2017.
The Bank's net profit for the period compared to corresponding period in 2016 increased by 6.5 percent, adjusted for non-recurring investment gain from associates recognised in the first nine months of 2016.
Net profit, without adjusting for non-recurring investment gain from associates recognized, has shown a marginal growth of 0.1 percent compared to the net profit of same period last year.
However, its assets value reach QR98.61bn registering a double-digit growth of 13.4 percent during the period. The quality of the bank assets (both financing assets and investments) continues to be one of the highest in the region and globally, maintaining a non-performing financing ratio (NPL) of 0.15 percent which has been maintained consistently within this level for the last many years. Masraf Al Rayan continues to lead the banking sector with one of the best operational efficiency ratio of 21.9 percent compared to its peers in the market.
On the profitability indicators, Masraf Al Rayan again continued to maintain its leading position with return on average assets at 2.19 percent and return on average equity at 16.35 percent, despite depositors' share of profits increasing by 33.6 percent due to higher cost profits on deposits at local and international levels.
Dr Hussain Al Abdulla, the Chairman and Managing Director of Masraf Al Rayan, expressed his satisfaction given the regional and global market conditions and the many threats that dominated the economic landscape, praising at the same time the optimal utilisation of assets and resources at Masraf Al Rayan to maintain excellent levels of performance and customer service. He added that the net profits of Masraf Al Rayan realised from its banking operations exceeded those achieved in the same period last year, excluding the non-recurring profit realized from investments in 2016.
Dr Hussain Al Abdulla added that different due diligence streams and valuation exercises are ongoing on the merger of Masraf Al Rayan with Barwa Bank and International Bank of Qatar (ibq).
Adel Mustafawi, Masraf Al Rayan's Group CEO, credited the announced financial results to the methodical implementation by the executive management of the prudent strategy set by the Board of Directors, which paved the way to develop high quality assets while maintaining diversity and serving a wide range of customer segments. He noted that the consolidated financial statements include Masraf Al Rayan, Al Rayan Bank Plc and other subsidiaries, associates and affiliates.
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