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.
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