Masraf Al Rayan reports a net profit of QAR 765mln for H1 2023

Masraf Al Rayan reports a net profit of QAR 765mln for H1 2023

Net financing assets closed at QAR 112 billion and Deposits at QAR 89 billion Cost to Income (efficiency) ratio 26.7% The Capital Adequacy ratio stood at 21. 35 % Doha: Masraf Al Rayan Q.P.S.C today released its consolidated financial statements for the six-month period ended 30 June 2023 with a Net Profit attributable to the equity holders of the bank of QAR 765 million. His Excellency Sheikh Mohammed Bin Hamad Bin Qassim Al Thani, Chairman of the Board stated: Total Income reached QAR 4.61 billion for the six months ending June 2023. The bank has a healthy capital base, strong funding and a liquidity coverage ratio of 129% comfortably higher than the regulatory requirement. During this quarter, Masraf played an active part in supporting local currency market issuance, by investing in sovereign T-bills and Sukuk, which positively contributed to its investment’s profitability. Commenting on H1 2023 performance, Fahad Bin Abdulla Al Khalifa, Group Chief Executive Officer said: We are pleased to announce a net profit for the first half of 2023, of QAR 765 million, in line with our expectations. We continue to prioritize prudent risk management, enriching the non-performing coverage to address legacy issues, and preservation of margins. We