Masraf Al Rayan posts net profit of QR1,288mn in third quarter

Masraf Al Rayan posted a net profit of QR1,288mn during the third quarter (Q3) that ended in September, up 4.1% on the same period last year.

Total income net of finance expense reached QR6.50bn in the third quarter compared to QR5.46bn for Q3 2023, Masraf Al Rayan said on Monday.

Net financing assets closed at QR110bn and deposits at QR108.6bn.

Cost to income (efficiency) ratio stood at 26.4%, while capital adequacy ratio stood at 23.3%, Masraf Al Rayan noted.

HE Sheikh Mohammed bin Hamad bin Qassim al-Thani, Chairman of the Board stated, “We continue to deliver a solid performance across our operations in Qatar and overseas. Our total income (net of finance expenses) rose by 19% compared to the same period last year.

“During the elapsed period of the current year, we have finalised and commenced our new medium-term strategy that aims to improve our banking services and maximise our shareholders’ value.”

Commenting on Q3 financial performance, Fahad bin Abdulla al-Khalifa, Group Chief Executive Officer, said, “We are pleased to announce Q3, 2024 net profit of QR1,288mn, which is up by 4.1% compared to the same period last year.

“Our overall key financial indicators remain strong; the bank’s financing portfolio stood at QR110bn, total assets at QR166bn and capital adequacy robust at 23.3%. Our primary focus is on delivering an increased value to our shareholders, while preserving prudent risk management.”