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Masraf Al Rayan net profit surges 5.5% to QR406mn in Q1

Masraf Al Rayan has reported a 5.5% year-on-year increase in net profit to QR406mn in the first quarter (Q1) of this year.

“We have delivered a solid performance across our operations in Qatar and overseas. Our total income (net of finance expenses) and net operating income rose by 24%, and 5% respectively compared to Q1-2023. During this quarter, we have finalised our new medium-term strategy, that aims to improve our banking services and maximise shareholders’ value,” said HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, its chairman.

The banks total income stood at QR2.15bn in January-March 2024 compared to QR1.74bn the previous year period.

“Our overall key financial indicators remain strong; the bank’s financing portfolio stood at QR107bn, total assets at QR159bn, and capital adequacy robust at 23.6%. Our efficiency ratio is healthy at 26.26%, and we continue to improve it across all functions of the business,” said Fahad bin Abdulla al-Khalifa, group chief executive officer.

The bank’s non-performing loans ratio stood at 5.86% at the end of March 31, 2024 compared to 6.17% in the comparable period of 2023.

“Our primary focus is delivering an increased value to our shareholders, by improving our technological services and providing seamless customer experience, while preserving prudent risk management,” he added.

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