AlRayan Bank reports 2024 net profit of QAR 1,507 million, up 3.8%, as deposits rise 16.1%

AlRayan Bank reported a net profit of QAR 1,507 million for 2024 on 23 January 2025, a rise of 3.8% on the previous year. Total income reached QAR 8.48 billion, compared with QAR 7.29 billion in 2023, an increase of about 16%.

“We have achieved a net profit of QR1,507mn in 2024, representing a 3.8% growth compared to last year,” said Group Chief Executive Fahad bin Abdulla al-Khalifa.

DEPOSITS OUTPACE FINANCING

The Qatari Islamic lender, whose legal name remains Masraf Al Rayan and which adopted the AlRayan Bank brand in 2024, expanded its balance sheet by 4.2% during the year. Customer deposits rose 16.1% to QAR 107.6 billion, while net financing assets grew 1.7% to QAR 110.0 billion, bringing deposits close to the size of the financing book. Deposits increased by about QAR 15 billion over the year, compared with the roughly QAR 1.8 billion added to net financing assets. As a result, net financing assets fell to about 102% of deposits at the end of 2024 from about 117% a year earlier. The bank's capital adequacy ratio stood at 23.92% at the end of 2024, and its cost-to-income ratio was 27%.

DIVIDEND PROPOSAL

The board proposed a cash dividend of 10% of the nominal share value, equivalent to QAR 0.10 per share, subject to the approval of the Qatar Central Bank and the endorsement of shareholders at the annual general meeting.

Chairman Sheikh Mohammed bin Hamad bin Qassim al-Thani said: “These achievements align with our strategic vision to continuously improve banking services for our customers and drive long-term value for our shareholders.” AlRayan Bank's shares are listed on the Qatar Stock Exchange.