Doha – Mubasher: Masraf Al Rayan on Tuesday reported a 6.5% drop in its profits for the first quarter of 2017, compared to the same period of 2016.
Profits stood at QAR 510.25 million ($140.03 million) in Q1-17, compared to QAR 545.53 million ($149.71 million) in Q1-16, according to a filing to the Qatar Stock Exchange (QSE).
Earnings per share (EPS) reached QAR 0.680 in Q1-17, compared to QAR 0.727 in the same period of the year before.
Commenting on the bank's results, chairman and managing director Hussain Al Abdulla said he was satisfied with the bank's results "given the regional and global market conditions and many other threats that dominated the economic landscape including the substantial decline of oil prices," according to a statement.
He further praised the optimal utilisation of assets and other resources at Masraf Al Rayan which helped maintain sustainable financial performance and excellent customer service.
Masraf Al Rayan's net profits "realised from its core banking operations in 2017 exceeded those achieved in the first quarter of 2016, adjusted for the profits realised from the non-recurring investment in the first quarter of 2016,” he added.
The bank also reported an 8.2% increase in its total assets to QAR 93.378 billion by the end of the first three months of 2017, up from QAR 87.241 billion in the year-ago period.
The Qatari bank previously reported an increase by 2.5% in its profits reaching QAR 2.075 million in 2016, compared to QAR 2.026 million in 2015.
