Masraf Al Rayans Profits Rise by 3.2 percent in 2024 First Half

Doha: Masraf Al Rayan (a Qatari public shareholding company) net profits increased by 3.2 percent in the first half of 2024 to reach QR 789.058 million , compared to QR 764.641 million in the same period last year. Data issued by the bank and posted on the Qatar Stock Exchange website on Wednsday showed an increase in earnings per share to reach QR 0.085 Qatari in the period ending on June 30, 2024, compared to earnings per share of QR 0.082 Qatari r for the same period of the previous year. Meanwhile, the Board of Directors of Masraf Al Rayan announced the latters intention to distribute interim dividends, recommending to the General Assembly of shareholders to approve amending the banks bylaws to authorize the Board of Directors to do so, taking into account obtaining the necessary regulatory approvals. In this context, HE Chairman of the Board of Directors of Masraf Al Rayan Sheikh Mohammed bin Hamad bin Qassim Al-Thani, said that the announcement of the implementation of the principle of distributing i nterim dividends comes in accordance with the controls and conditions stipulated in the applicable laws and regulations and taking into account the approval of shareholders and the relevant regulatory authorities. He added that "this step comes to support the national economy in accordance with the principles of Qatar Vision 2030." For his part, Fahd bin Abdullah Al Khalifa, Group CEO, said that applying the principle of interim profits will begin after completing the amendment to the banks bylaws and obtaining the necessary regulatory approvals, noting that this step would enhance investor confidence in the market and in the banks financial performance and its ability to generate attractive revenues for investors. Source: Qatar News Agency