• Total Income net of finance expense reached QAR 8.48 billion, compared to QAR 7.29 billion last year
  • Net financing assets closed at QAR 110.0 billion and Deposits at QAR 107.6 billion, up by 1.7 % and 16.1% respectively from last year
  • Cost to Income (efficiency) ratio 27 %
  • The Capital Adequacy ratio stood at 23.92%

Doha: Masraf Al Rayan QPSC (“AlRayan Bank”) today released its consolidated financial statements for the year ended 31 December 2024 with a Net Profit attributable to the equity holders of the bank of QAR 1,507 million. The results issued are subject to Qatar Central Bank’s approval and endorsement by shareholders at the Bank’s Annual General Assembly.

His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated:

“In 2024, AlRayan Bank reached significant milestones, including the successful rebranding of our bank and the launch of our new mobile banking app, designed to offer an enhanced and seamless digital experience. These achievements align with our strategic vision to continuously improve banking services for our customers and drive long-term value for our shareholders. Our performance throughout the year demonstrates our ability to adapt, innovate, and deliver sustainable growth.”

Commenting on the year-end financial performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said:

“We have achieved a net profit of QAR 1,507 million in 2024, representing a 3.8% growth compared to last year. Our diversified revenue streams and disciplined cost management have enabled us to maintain a Cost to Income ratio of 27%, reflecting our operational efficiency, despite the ongoing investment in transformation and digitalization. Our Balance Sheet expanded by 4.2% supported by strong growth in Investments and Financing portfolio. As we move into 2025, we are focused on building on these successes to deliver greater value for all stakeholders”.

 Key Financial Highlights

Balance Sheet - QAR billion

2024

2023

Change

Total Assets

171

164

4.2%

Financing assets

110

108

1.7%

Investments

44

39

13.3%

Deposits

108

93

16.1%

Total Shareholders’ Equity

24.1

23.6

2.2%

    
    

Income Statement - QAR million

2024

2023

Change

Total income, net of finance expenses

8,481

7,286

16.4

Net operating profit

3,522

3,554

-0.9%

Operating expenses

954

909

4.9%

Net Impairment Charges

1,041

1,165

-10.6%

Net profit attributable to shareholders

1,507

1,452

3.8%

Earnings Per Share (QAR)

0.157

0.151

3.9%

    
    

Group ratios

2024

2023

 

Efficiency (%) 

 

Cost to Income

27.08%

25.58%

 

Financing Quality

 

Non-Performing financing (QAR million)

6,253

6,425

 

NPF ratio (%)

5.45%

5.71%

 

Capital Management (%) 

 

Capital adequacy ratio (CAR)

23.92%

21.84%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Dividend

After reviewing the audited financials today, the Board was satisfied with the 2024 financial performance and has recommended (subject to QCB approval) to the Annual General Assembly the distribution of a cash dividend of 10% of the nominal share value, i.e. QAR 0.10 per share.

-Ends-

For further information please visit our investor relations page on our website https://www.alrayan.com or contact our Investor Relations team at IR@alrayan.com