Masraf Al Rayan reports a net profit of QAR 1,452mln for they year ending December 31, 2023

Masraf Al Rayan reports a net profit of QAR 1,452mln for they year ending December 31, 2023

Total Income reached QAR 9.56 billion, compared to QAR 7.14 billion for the same period last year; Net financing assets closed at QAR 108.2 billion and Deposits at QAR 92.7 billion Cost to Income (efficiency) ratio 25.6% The Capital Adequacy ratio stood at 22.05% Doha, January 23, 2024: Masraf Al Rayan Q.P.S.C today released its consolidated financial statements for the year ended 31 December 2023 with a Net Profit attributable to the equity holders of the bank of QAR 1,452 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: “Masraf al Rayan ended 2023 on a firm footing, delivering increased profitability of QAR 1,452 million. Total revenues for the Group rose by QAR 2.4bn and operating expenses decreased by QAR 282 million compared to last year. The results reflect strong performance, across all geographies and subsidiaries, in line with the bank’s strategic direction.” Commenting on the year-end financial performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said: “Masraf al Rayan generated solid Net Operating Income of QAR 3.5 billion during the