Masraf Al Rayan reports H1 net profit of QR789mn

Masraf Al Rayan has reported a 3.2% year-on-year increase in net profit to QR789mn in the first half (H1) of this year.

Total income (net of finance expense) reached QR4.3bn at the end of H1 compared to QR3.5bn the same period in 2023.

“We continue to deliver a good performance across our operations in Qatar and overseas. Our total income (net of finance expenses) and net operating income rose by 23%, and 4% respectively compared to the first half of last year. During H1-2024, we have finalised and commenced our new medium-term strategy, that aims to improve our banking services and maximise our shareholders’ value,” said HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, Masraf Al Rayan chairman.

The bank's investments stood at QR39mn and deposits registered a 17.5% annual growth to QR109mn at the end of H1-2024.

"Our overall key financial indicators remain strong; the bank’s financing portfolio stood at QR108bn, total assets at QR162bn, with capital adequacy robust at 23.73%. Our efficiency ratio is healthy at 26.16%, and we continue to improve it across all functions of the business, with a primary focus on delivering an increased value to our shareholders, while preserving prudent risk management,” according to Fahad bin Abdulla al-Khalifa, Group chief executive officer, Masraf Al Rayan.

Hinting at the improved asset quality, the lender's non-performing loans ratio stood at 5.86% in January-June 2024 compared to 6.41% the corresponding period of 2023.