(MENAFN- The Peninsula) The Peninsula
Doha: Masraf Al Rayan has reported a net profit of QR2.17bn for the year ended December 31, 2019, up 2.3 percent from the previous year (2018). The Board of Directors met yesterday and proposed to distribute a cash dividend of QR0.225 per share, equivalent to 22.5 percent of the paid-up capital.
The proposed dividend is subject to approval by the Ordinary General Assembly, to be held on March 18, 2020, and Qatar Central Bank. The election of the Board Members for the fifth term (2020-2022) will also be held during the meeting.
Dr Hussain Al Abdulla, Chairman and Managing Director, of Masraf Al Rayan, said: 'The results achieved are satisfactory especially in light of the conditions the region witnessed in general, the high borrowing and deposit costs , as well as the impact of regulations issued by the Qatar Central Bank regarding provisioning on financial assets.
Dr Al Abdulla added that maintaining a positive credit rating, enhancing the competencies of employees and developing a modern IT infrastructure are matters of prime importance to the Bank.
Adel Mustafawi, Group CEO, expressed his satisfaction with the results achieved, and commented that such results were aligned with the overall growth trend of the Qatari economy, reflecting the Bank's focus on robust asset quality, prudent risk management policies and a conservative lending strategy, while continuously developing and improving customer service standards.
The Group CEO also considered the results as good as it maintained the continuation of the upward line of the performance of Masraf Al Rayan. He noted that the profits from banking operating activities increased by 7.1 percent in 2019, compared to the previous year. The bank's total assets reached QR106.39bn compared to QR97.29bn as of December 31, 2018, a growth of 9.4 percent. Financing activities amounted to QR74.83bn, compared to QR72.51bn as of December 31, 2018, recording a growth of 3.2 percent.
Masraf Al Rayan's investments increased to QR21.90bn, compared to QR19.74bn as of December 31, 2018, a growth of 10.9 percent.
Customer deposits in the Bank totaled QR65.61bn, compared to QR61.56bn December 31, 2018, a growth of 6.6 percent.
Total shareholders' equity (before distribution) reached QR13.91bn, compared to QR13.27bn at the end of 2018, a growth of 4.8 percent.
Masraf Al Rayan continues to focus on providing integrated Sharia-compliant banking solutions for both retail and corporate customers in order to meet their increasing and varied needs, and on developing technology-based banking services made available in various forms and applications to ensure the best customer service at all times.
Al Rayan Qatar ETF is one of the largest and most successful Sharia-compliant investment funds that is listed on Qatar Stock Exchange and invests in emerging markets. The fund follows Al Rayan Islamic Index, which is an index of 20 Sharia-compliant shares, and is managed by Al Rayan Investment LLC.
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