Masraf Al Rayan reports a net profit of QAR 1.36 Billion for nine months ending September 30,2022
Oct 26 2022
- Total Income reached QAR 5.14 billion, up 37% compared to Q3, 2021;
- Net financing assets closed at QAR 117 billion, growing 34% year on year;
- Deposits closed at QAR 93 billion, an increase of 19% year on year;
- The Capital Adequacy ratio stood at 20.25%
Doha, October 25, 2022:
Masraf Al Rayan Q.P.S.C today released its consolidated financial statements for the nine-month period ended
30 September 2022 with a Net Profit attributable to the equity holders of the bank of QAR 1.36 billion.
His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated: Following the successful achievement of customer day one in June, our focus is on enhancing our technology and process digitalization to deliver excellent product and seamless services to our valued clients. We look forward to welcoming our overseas guests to Qatar in the coming months to celebrate the momentous occasion of World Cup 2022.
Commenting on Q3 2022 performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said: We are pleased with the performance of the bank which is in line with our expectations. Net profit for the third quarter reached QAR 1,360 million, and reflects our conservative approach to provisioning and rising cost of funds. Our overall key financial indicators remain strong. The bank’s financing portfolio stood at QAR 117 billion, an increase of 34% compared to the same period last year, while total assets grew by 32% to reach QAR 164 billion.
He added “Our cost to income ratio, excluding 2022 one-off merger costs, stood at 22.4%. We will continue to improve our operational efficiency across all functions of the business, focusing on retaining client relationships, attracting new business within our risk appetite, in order to strengthen our position and generate value for our shareholders.
Key Financial Highlights
His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated: Following the successful achievement of customer day one in June, our focus is on enhancing our technology and process digitalization to deliver excellent product and seamless services to our valued clients. We look forward to welcoming our overseas guests to Qatar in the coming months to celebrate the momentous occasion of World Cup 2022.
Commenting on Q3 2022 performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said: We are pleased with the performance of the bank which is in line with our expectations. Net profit for the third quarter reached QAR 1,360 million, and reflects our conservative approach to provisioning and rising cost of funds. Our overall key financial indicators remain strong. The bank’s financing portfolio stood at QAR 117 billion, an increase of 34% compared to the same period last year, while total assets grew by 32% to reach QAR 164 billion.
He added “Our cost to income ratio, excluding 2022 one-off merger costs, stood at 22.4%. We will continue to improve our operational efficiency across all functions of the business, focusing on retaining client relationships, attracting new business within our risk appetite, in order to strengthen our position and generate value for our shareholders.
Key Financial Highlights
| Balance Sheet -QAR billion | Q3 2022 | Q3 2021 | Change |
|---|---|---|---|
| Total Assets | 164 | 125 | 32% |
| Financing assets | 117 | 87 | 34% |
| Investments securities | 32 | 22 | 46% |
| Deposits | 93 | 78 | 19% |
| Total Equity | 24 | 15 | 62% |
| Income Statement - QAR million | Q3 2022 | Q2 2021 | Change |
|---|---|---|---|
| Net operating profit | 3,349 | 2,708 | 24% |
| Operating expenses | 885 | 562 | 57% |
| Net Impairment Charges | 1,089 | 422 | 158% |
| Net profit attributable to shareholders | 1,360 | 1,713 | -21% |
| Earnings Per Share (QAR) | 0.146 | 0.228 | -36% |
| Rating | Moody’s A1 / Stable | ||
| Group ratios | Q3 2022 | Q3 2021 |
|---|---|---|
| Efficiency (%) | ||
| Cost to Income | 26.43% | 20.77% |
| Cost to Income (excl. merger one-off's) | 22.43% | 20.77% |
| Loan Quality | ||
| Non-Performing loans (QAR million) | 3,947 | 1,291 |
| NPL ratio (%) | 3.30% | 1.46% |
| Capital Management (%) | ||
| Capital adequacy ratio (CAR) | 20.25% | 20.06% |