Masraf Al Rayan announced its consolidated financial results for the first quarter of 2023 ending on March 31, 2023, with a net profit for shareholders of QR 385 million.
Commenting on the results, His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Chairman of the Board of Directors of Masraf Al Rayan, said: “Total revenues for the first quarter of 2023 amounted to 2.27 billion Qatari riyals, an increase of 46% over the first quarter of 2022, which reflects stable revenues. of our banking activities. Our capital base is strong, with a capital adequacy ratio of 20.73%. We have a strong liquidity and funding base, with our Liquidity Coverage Ratio above regulatory requirements. During this quarter, we laid the foundation for enriching the customer experience by improving services through technology.”
For his part, Mr. Fahd bin Abdullah Al Khalifa, Group Chief Executive Officer, said: “We are pleased to announce the results for the first quarter of 2023, as the net profit amounted to 385 million Qatari riyals, which is less than the previous year, due to the significant increase in financing costs. Our main general financial indicators are strong, with a financing portfolio of QR 117 billion, total assets of QR 162 billion, and net operating income of QR 897 million.”
He added, “Our cost-to-income ratio improved to 25.8% compared to 28.9% in the same period last year. We will continue to maintain and improve our efficiency in all business sectors. We also continue to prioritize prudent risk management, while prudently looking for opportunities to grow our business and enhance value for our shareholders.”
Revenues amounted to 2.27 billion riyals, compared to 1.55 billion riyals for the same period last year. Net financing assets amounted to 117 billion riyals, compared to 118 billion at the end of 2022. Total customer deposits amounted to 94 billion riyals, compared to 97 billion at the end of 2022. The capital adequacy ratio reached 20.73%.
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