Masraf Al Rayan announced its consolidated financial results for the first half of the year 2023, which ends on June 30, 2023, with a net profit for shareholders of 765 million riyals. His Excellency Sheikh Mohammed bin Hamad bin Qasim Al Thani, Chairman of the Board of Directors of Masraf Al Rayan, said: “The total income amounted to 4.61 billion riyals for the six months ending in June 2023.
He added that the bank enjoys a good capital base, well-established sources of funding, and a liquidity coverage ratio that is above regulatory requirements by 129%. During this quarter, the bank played an active role in supporting market issuances in local currency, by investing in treasury bills and sovereign sukuk, which contributed positively to the profitability of its investments.
For his part, Mr. Fahd bin Abdullah Al Khalifa, Group Chief Executive Officer, said: “We are pleased to announce a net profit for the first half of 2023 of QR 765 million, in line with our expectations. We continue to prioritize prudent risk management and enhance the NPL coverage ratio to address outstanding issues, while maintaining profit margins. We have recently launched a Personal Banking campaign, which offers enhanced value and a customized level of service, to our existing and new customer base. Our focus remains on improving operational efficiency through the adoption of modern technologies and continuous improvement in the customer experience.”
