(The Group’s Comments) Masraf Al Rayan Net Profit Climbs to QR 544 Million in the First Quarter of 2019

April 18, 2019

Profits: Al Rayan net profits amounted to QR 544.2 million in the first quarter of 2019, an increase of 2.5% compared to QR 531.0 million for the same period last year, while the bank’s earnings per share reached QR 0.73 versus QR 0.71 for the corresponding period of 2018.

Operating Income: amounted to QR 1,260.5 million in the first quarter of 2019, an increase of 3%, compared to QR 1,224.0 million for the same period of 2018. This improvement can be traced back to the rise in net commission income of QR 29 million, greater profits from associate companies, and higher interest net returns of about QR 7 million.

Expenditures: stabilized at QR 367.6 million in the first quarter of 2019, compared to QR 368.7 million for the same period in 2018. Customer loan losses recorded QR 3.6 million, compared to QR 10.6 million. In relation to impairment of customer investments, an allocation of QR 621,000 was made against an expenditure allocation for the same item amounting to QR 8.8 million for the first quarter of 2018, which had a positive impact on the profits of the period.

Assets: Al Rayan’s assets increased by 3% at the end of the first quarter of 2019, compared to the end of the previous year, to reach QR 100.3 billion versus QR97.3 billion at the end of 2018. In terms of financing assets, they amounted to QR 75.9 billion, compared with QR 72.6 billion at the end of the year, an increase of 4.5%. Investment accounts increased by QR 56.7 billion, compared to 54.4 billion at the end of the year, an increase of 4.22%.