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- Total Income net of Finance expense reached QAR 4.3 billion, compared to QAR 3.5 billion for H1 2023;
- Net financing assets closed at QAR 108.4 billion and Deposits at QAR 108.9 billion
- Cost to Income (efficiency) ratio 26.2%
- The Capital Adequacy ratio stood at 23.73%
Doha: Masraf Al Rayan Q.P.S.C today released its consolidated financial statements for the six-month period ended 30 June 2024 with a Net Profit attributable to the equity holders of the bank of QAR 789 million.
His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated:
“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 the first half of the year, we have finalized and commenced our new medium-term strategy, that aims to improve our banking services and maximize our shareholders’ value.”
Commenting on H1 financial performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said:
“We are pleased to announce H1-2024 net profit of QAR 789 million, which is up by 3.2% compared to the same period last year. Our overall key financial indicators remain strong; the bank’s financing portfolio stood at QAR 108 billion, total assets at QAR 162 billion, and 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.”
Key Financial Highlights
Balance Sheet - QAR billion | H1-2024 | Q4-2023 | Change |
Total Assets | 162 | 164 | -1.3% |
Financing assets | 108 | 108 | 0.2% |
Investments | 39 | 39 | -0.5% |
Deposits | 109 | 93 | 17.5% |
Shareholders’ Equity | 23.4 | 23.6 | -0.7% |
Income Statement - QAR million | H1-2024 | H1-2023 | Change |
Total income, net of finance expense | 4,312 | 3,510 | 22.8% |
Net operating profit | 1,828 | 1,763 | 3.7% |
Operating expenses & Tax | 478 | 434 | 10.2% |
Net Impairment Charges | 548 | 553 | -1.0% |
Net profit attributable to shareholders | 789 | 765 | 3.2% |
Earnings Per Share (QAR) | 0.085 | 0.082 | 3.2% |
Group ratios | H1-2024 | H1-2023 | |
Efficiency (%) | |||
Cost to Income | 26.16% | 24.63% | |
Finance Quality | |||
Non-Performing finances (QAR million) | 6,641 | 7,459 | |
NPL ratio (%) | 5.86% | 6.41% | |
Capital Management (%) | |||
Capital adequacy ratio (CAR) | 23.73% | 21.35% |
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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