• Total Income reached QAR 7.19 billion, compared to QAR 5.15 billion for the same period last year;
  • Net financing assets closed at QAR 110.0 billion and Deposits at QAR 92.5 billion
  • Cost to Income (efficiency) ratio 26.5%
  • The Capital Adequacy ratio stood at 21.45%

Doha, October 26, 2023:
Masraf Al Rayan Q.P.S.C today released its consolidated financial statements for the nine-month period ended 30 September 2023 with a Net Profit attributable to the equity holders of the bank of QAR 1,238 million.

His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated:
“We have delivered good broad-based profits across our operations in Qatar and overseas. Business total revenues rose by QAR 2bn to QAR 7.2 billion, compared to the same period last year, and we continue to exercise tight cost control. The bank has a strong capital base and stable funding sources. Profit growth has been achieved, compared to previous quarters this year, and I am confident about the future as we intensify our focus on opportunities to drive value creation, enhance the customer experience and improve our technology offering.”

Commenting on Q3 2023 performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said:
“Net Operating Profit for the nine-month period of QAR 2.8 billion reflects strong revenue flows primarily driven by higher net financing income, it also includes the impact related to increased funding costs owing to market rate rises. We continue to strengthen our balance sheet and enrich our non-performing coverage to address legacy issues. I am pleased to reiterate our continued commitment to our employee development strategy in line with Qatar National Vision 2030; during the quarter we appointed Qatari talent to the Senior Management Team and locals now account for 50% of our Executive Team.”

Key Financial highlights:

Balance Sheet -QAR billion Q3-2023 Q4-2022 Change
Total Assets 164 168 -2%
Financing assets 110 118 -7%
Investments 37 32 17%
Deposits 93 97 -5%
Total Equity 23.4 23.1 1.3%

Income Statement - QAR million Q3-2023 Q3-2022 Change
Total income 7,192 5,149 40%
Net operating profit 2,845 3,415 -17%
Operating expenses 753 980 23%
Net Impairment Charges 829 1,089 24%
Net profit attributable to shareholders 1,238 1,331 -7%
Earnings Per Share (QAR) 0.133 0.143 -7%

Group ratios H1-2023 H1-2022
Efficiency (%)
Cost to Income 26.5% 28.7%
Loan Quality
Non-Performing loans (QAR million) 7,433 3,720
NPL ratio (%) 6.47% 3.11%
Capital Management (%)
Capital adequacy ratio (CAR) 21.45% 20.25%