DOHA: Masraf Al Rayan achieved a net profit of QR400m for the first quarter of 2013, an increase of 13.3 percent compared to the corresponding period in 2012.
The outstanding results confirm the success of the strategy adopted by the bank in managing its banking, investment and commercial operations in line with the Shariah guidelines and principles, said Dr Hussain Ali Al Abdulla, Chairman and Managing Director of Masraf Al Rayan.
“We are pleased of these exemplary results, we aim to scale even higher heights of success in the coming months, especially in the light of the massive increase in the state’s general budget for the year 2013-2014, in which over QR 210bn have been allocated for government spending, an 18 percent increase over the previous year; and over QR 40bn have been earmarked for major projects,” he added.
Announcing the results, Adel Mustafawi, Group CEO, said: “The bank’s total assets increased to QR62.5bn compared to QR57.87bn recorded in the first quarter of 2012, an increase of 8 percent. Financing activities increased by 20.4 percent to reach QR43.29bn compared to QR35.96bn while customers deposits increased by 48.3 percent to QR45.51bn compared to QR30.69bn. Total returns on shareholders’ equity increased by 9 percent to reach about QR9.24bn; earnings per share reached QR0.53 compared to QR0.47 and the book value per share increased to QR12.33 compared to QR11.31.”
Mustafawi also said that significant progress has been made regarding fulfilling the requirements of acquiring a stake in Islamic Bank of Britain. “We are at an advanced stage regarding fulfilling the requirements of the concerned authorities in the UK. Regarding the acquisition of a stake in a Bank in Libya, we are in the final stages of preparing the required studies. This will be followed by the signing of a memorandum of understanding with our partners before we proceed to secure the required approvals from the concerned authorities in both Qatar and Libya,” he added.
Mustafawi also reiterated the bank’s commitment to exert every effort to provide its customers with the most innovative and competitive products and services and to realise the best possible returns for its shareholders.
The Peninsula
