Masraf Al Rayan posted a net profit of QR1.34bn in 2022, the bank announced Sunday.
The results issued are subject to the Qatar Central Bank’s approval and endorsement by shareholders at the Bank’s Annual General Assembly.
Masraf al Rayan chairman HE Sheikh Mohamed bin Hamad bin Qassim al-Thani stated: “2022 was a turning point for Masraf Al Rayan subsequent to the merger. We successfully completed the operational integration which helps to drive agility across the business and improve our service offering to our valued clients. We have also launched Sustainable Finance Framework – Qatar’s first Shariah-compliant green deposit and Islamic sustainable financing framework.
“Moreover, we have also increased our Foreign Ownership Limit (FOL) to 100%, which will assist to boost the bank’s weight in major indices. Our year-end results are in line within our expectations; we remain focused on building a comprehensive strategy to deliver strong performance and meeting shareholders expectations. I am confident of our ability to remain at the forefront as a leading Islamic bank in the region.”
Commenting on the year-end financial performance, Masraf Al Rayan Group chief executive officer Fahad al-Khalifa said: “Net profit for the year was QR1.34bn. Our Net Operation Income for 2022 was QR4.4bn, which reflects steady revenues from our banking activities. We adopt a conservative approach to provisioning and many of our numbers indicate progression and resilience. Our liquidity is healthy and capital base robust, with capital adequacy ratio of 20.3%. Our immediate focus is on product and process enhancement to enrich the customer experience through greater investment in technology.”
After reviewing the audited financials Sunday, Masraf Al Rayan's board of directors was “satisfied” with the 2022 financial performance and has 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.