(MENAFN- The Peninsula) The Peninsula
Masraf Al Rayan (Q.P.S.C) has reported a net profit of QR1.718bn for the year ended December 31, 2021.
The Board of Directors of the Bank approved the consolidated financial statements in their meeting held yesterday. The total Income of Masraf Al Rayan exceeded QR5,106m for the year ended December 31, 2021 and financing assets reached QR121bn , an increase of 40.2 percent from 2020.
Bank's deposits closed at QR107bn, an increase of 55.2 percent compared to 2020 and total assets increased by 43.7 percent to QR174bn at the end of 2021.
Shareholders equity strengthened by 63.4 percent to QR23.5bn and the Capital Ade-quacy ratio at year-end stood at a healthy 20.95 percent.
The results issued are subject to Qatar Central Bank's approval and endorsement by shareholders at the Bank's Annual General Assembly.
H E Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board stated:“2021 was a momentous year for Masraf Al Rayan. We announced our merger with Al Khalij Commercial Bank P.Q.S.C 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 skillful navigation through these volatile times. Masraf Al Rayan as an Islamic Bank holding a significant market share ensured its cus-tomers were well-supported to navigate through these chal-lenging times,” he said.“Masraf Al Rayan as a larger entity, with a strong man-agement team and diversified business model is well posi-tioned to contribute to Qatar's growth and realization of Qatar's Vision 2030 mile-stones,” the Chairman added.“On behalf of the Board, I would like to express appreci-ation to the Qatar Central Bank, the Qatar Financial Markets Authority, the Ministry of Finance, the Ministry of Com-merce & Industry and all other stakeholders for their continued support during 2021, and also extend our gratitude to share-holders, our valued customers, and the MAR executive team and employees for their con-tinued dedication and com-mitment,” he said.
After reviewing the audited financials yesterday, the Board was satisfied with the 2021 financial performance and 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, i.e. QR0.17 per share.
Commenting on the year's performance, Fahad bin Abdulla Al Khalifa, Masraf Al Rayan's Group Chief Executive Officer said:“Despite the many chal-lenges presented by the COVID-19 pandemic the Masraf team performed exceptionally to support our valued clients and deliver a solid financial per-formance. Our customers are at the heart of everything we do and we realize the importance of ensuring meaningful support during difficult times, as long-term relationships are to the benefit of all parties.
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“I am excited for the future of the Bank fol-lowing its merger with al khaliji in late 2021. While our immediate focus is on the operational inte-gration of both banks into one seamless platform, our medium-term plans are ambitious. The trans-formation journey will focus on enhancing our customer experience through service excellence, speed and technology. These measures will strengthen the links between our local and inter-national footprint in the UAE, France and the UK to better serve our client's overseas banking requirements,” he said.
“Environmental and social responsibility is very important to the bank and we recognize 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 prioritize sustainable green financing in line with our com-mitment to the global community,” he added.“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,” he said
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