DOHA: Masraf Al Rayan achieved net profit of QR432m for the first quarter of 2014, an increase of 8 percent compared to similar period in 2013.
Announcing the results Dr Hussain Ali Al Abdulla, Chairman and Managing Director of Masraf Al Rayan commented: “The outstanding results confirm the success of the strategy adopted by the bank in managing its banking, investment and commercial operations in line with Shari’ah guidelines and principles. In addition, we are pleased with these exemplary results, which reflects on the policies implemented by the board of directors which were prudent and progressive in line with the budget of the state of Qatar for the year 2014 reaching QR225.7bn in support of Qatar 2030 vision.”
The bank consolidated the financials of Islamic Bank of Britain (IBB) after the acquisition of 98.34 percent of IBB’s equity. Adel Mustafawi, Group CEO, said the results proved Masraf Al Rayan’s sustained growth of its financial position and performance and its remarkable position in the financial market.
Total assets increased to QR69,362m compared to QR 62,517m at the end of first quarter of 2013, an increase of 11 percent. In the same period, financing activities increased by 10.2 percent to reach QR45,641m compared to QR41,398m at the end of first quarter of 2013. Customers’ deposits increased by 15 percent to reach QR52,335m compared to QR45,517m. Total shareholders’ equity increased by 7 percent to reach QR10,050m compared to QR9,396m. Earnings per share reached QR0.58 compared to QR0.53 and the book value per share increased to QR13.40 from QR12.53. The Peninsula
