DOHA: Masraf Al Rayan posted a net profit of QR821m in the first half of 2013 (2013 H1), an increase of 13.2 percent compared to the net profit of QR725m achieved in the first half of 2012 (2012 H1).
The total assets of Masraf Al Rayan reached QR64.27bn compared to QR60.53bn as of June 30, 2012, an increase of 6.2percent. The financing activities at the Bank were QR44.17bn compared to QR37.9bn for the period under review, a growth of 16.3 percent. The customer deposits have increased to QR46.4bn compared to QR33.3bn as at the end of the first half of 2012, recording an increase of 39.2 percent.
The total shareholders’ equity has gone up to QR9.6bn, compared to QR8.8bn as at the end of the first half of last year, growth of 9.3 percent. The Bank’s Earnings Per Share (EPS) reached QR1.09 compared to QR0.97 in the first half of 2012, while the book value per share has risen to QR12.90, compared to QR11.80 as on June 30, 2012. The capital adequacy ratio has reached 20.8 percent.
Dr Hussain Ali Al Abdulla, Chairman and Managing Director said the impressive results demonstrate the success of the bank in achieving its set objectives. The results reinforce the prudent policies of the Bank which has helped in positioning the bank at the forefront of Islamic banking at the local and regional levels. The results also emphasise Masraf Al Rayan’s risk-free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shariah.
Adel Mustafawi, Group CEO said the results were in line with the forecast growth and strategic plans of the bank, and a consequence of unmatched efforts by everyone associated with the bank at various levels.
During the first half the bank has reinforced its expansion strategy aimed at offering more accessible services to its customers. The bank currently operates 11 branches and 50 ATMs at strategic locations across Qatar. The Bank is soon to introduce Al Rayan Mobile for convenient and hassle free banking through smart phones.
The Peninsula
