Alrayan Bank Posts Net Profit Of QR1,507Mn In 2024
Date
1/23/2025 2:01:38 PM
(MENAFN- Gulf Times) Masraf Al Rayan (AlRayan Bank) has posted a net profit of QR1,507mn in 2024, the prominent lender announced Thursday.
This represents an increase of 3.8% year-on-year (y-o-y), AlRayan bank said Thursday.
Total income (net of finance expense) reached QR8.48bn in 2024 compared to QR7.29bn last year
Net financing assets closed at QR110.0bn and deposits at QR107.6bn, up by 1.7% and 16.1% respectively from last year, AlRayan Bank said.
Cost to income (efficiency) ratio stood at 27%, while the capital adequacy ratio stood at 23.92% in 2024, AlRayan Bank.
The results issued are subject to the Qatar Central Bank's approval and endorsement by shareholders at the AlRayan Bank's Annual General Assembly.
AlRayan Bank Chairman HE Sheikh Mohammed bin Hamad bin Qassim al-Thani stated,“In 2024, AlRayan Bank reached significant milestones, including the successful rebranding of our bank and the launch of our new mobile banking app, designed to offer an enhanced and seamless digital experience.
“These achievements align with our strategic vision to continuously improve banking services for our customers and drive long-term value for our shareholders. Our performance throughout the year demonstrates our ability to adapt, innovate, and deliver sustainable growth.”
Commenting on the year-end financial performance, AlRayan Bank Group Chief Executive Officer Fahad bin Abdulla al-Khalifa said,“We have achieved a net profit of QR1,507mn in 2024, representing a 3.8% growth compared to last year. Our diversified revenue streams and disciplined cost management have enabled us to maintain a Cost to Income ratio of 27%, reflecting our operational efficiency, despite the ongoing investment in transformation and digitalisation.
“Our balance sheet expanded by 4.2% supported by strong growth in investments and financing portfolio. As we move into 2025, we are focused on building on these successes to deliver greater value for all stakeholders”.
After reviewing the audited financials on Thursday, AlRayan Bank Board of Directors announced it“was satisfied” with the 2024 financial performance and“recommended” (subject to QCB approval) to the Annual General Assembly the distribution of a cash dividend of 10% of the nominal share value, i.e. QR0.10 per share.
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