Masraf Al Rayan headquarters at Grand Hamad Street.
Masraf Al Rayan, has delivered a net profit of QR2.08bn for the year ended December 31, 2016.
The Board of Directors, at a meeting held yesterday, recommended a cash dividend distribution of QR2 per share, representing 20 percent of the paid-up capital.
The recommendation is subject to the approval of the shareholders, in a General Assembly Meeting which is scheduled to be held on April 25, after obtaining the approval from Qatar Central Bank.
Dr Hussain Al Abdulla, the Chairman and Managing Director of Masraf Al Rayan, said; "The results are good given market conditions as 2016 witnessed many events that dominated the economic landscape including the substantial decline of oil prices which led to many countries in the region to adapt more conservative policies and to take strong actions to control public spending in order to mitigate the effects of declining revenues”.
The Bank continues to be one of the leading banks among its peers in terms of strong with capital adequacy ratio at 18.85 percent, highest asset quality with NPL at 0.16 percent combined with one of highest operational efficiency indicator with cost-income ratio at 18.09 percent.
As a result, our financial performance ratios also remain one of the best with ROAA and ROAE at 2.37 percent and 16.77 percent respectively. Given these strong financial indicators, the Bank has positioned itself among its peers at the top league locally, regionally and globally reflecting our prudent business strategy and conservative risk appetite.
We will continue to exert every effort possible to ensure that our objective of enhancing value for our shareholders, customers and other stakeholders remain our priority, he said.
Adel Mustafawi, Masraf Al Rayan’s Group Chief Executive Officer said that Masraf Al Rayan's growth in 2016 was limited due to liquidity constraints in the market. As a result the Bank was negatively impacted by the increased cost of deposits and other funding sources.
Despite these circumstances the bank's financial position and performance continues to be strong. Total assets of the bank reached QR91.5bn compared to QR83.3bn as of December 31 2015, showing a growth of 9.8 percent. Financing activities increased to QR67.6bn, compared to QR62.57bn as of December 31 2015, reflecting a growth of 8.1 percent. Investment reached QR14.5bn as of December 31 2016.
Customers' Deposits increased to reach QR58bn, compared to QR55.6bn as of December 31 2015, a growth by 4.3 percent.
