07/13/2021 | Press release | Distributed by Public on 07/13/2021 23:44
Masraf Al Rayan announced its financial results for the period ending 30 June 2021 - net profit of QAR 1,143 million, a growth of 5.5% compared to the same period last year.
His Excellency, Mr. Ali bin Ahmed Al Kuwari, Chairman and Managing Director, commended the good results particularly amid the challenging conditions that affected negatively the financial markets.
His Excellency attributes these commendable results in part to the support extended by the State of Qatar to private sectors in overcoming the adverse conditions from the global spread of the COVID-19 pandemic.
The merger between Masraf Al Rayan (Q.P.S.C.) ('Al Rayan') and Al Khalij Commercial Bank P.Q.S.C. ('Al Khaliji') has been approved by the Qatar Financial Markets Authority on 10 June 2021. Al Rayan and Al Khaliji are in the process of holding their respective extraordinary general assemblies to get the shareholders' approval.
On 4 July 2021, Al Rayan and Al Khaliji have announced the appointment of Mr. Fahad Al Khalifa as the Group CEO of the merged bank, subject to all necessary approvals on the appointment, from the date the shareholders of both Al Rayan and Al Khaliji approve the merger and after obtaining the approval from Qatar Central Bank and other regulators on the merger.
The merger's integration adviser is continuously working with Al Rayan and Al Khaliji in implementing the merger that will create a larger and stronger financial institution with a strong financial position and significant liquidity.
His Excellency also expressed his satisfaction with the results, as they were in line with expectations and with what was planned to be achieved by adhering to a tight strategy set by the Board of Directors, supervising its implementation, and following a committed action plan that the team worked on. Masraf Al Rayan distinguishes itself in implementing its provisions, and expects that it would achieve more successes through its focus on providing distinguished services to its customers.
Summary of financial results: