DOHA: Masraf Al Rayan (MAR) has recorded a net profit of QR 1.25bn for the nine-months period ended September 30, 2013 reflecting an increase of 15.4 percent compared to the net profit of QR1.08bn achieved at the end of third quarter of 2012.
Dr Hussain Ali Al Abdulla, Chairman and Managing Director of MAR, said that the results were encouraging in the prevailing turbulent financial market which is facing subsequent crises. He hoped the results will contribute to the national economy of Qatar for which the huge budgets allocated to the infrastructure projects in the country will create opportunities to achieve good results at the end of the year.
Adel Mustafawi, Group CEO of MAR, said that the management executed the strategic plans adopted by the Board of Directors and has exerted a lot of efforts to achieve these results, which put MAR as one of the fastest growing Islamic banks as the financial ratios in Qatar and the world.
Assets at QR66.9bn
The total assets of MAR reached QR66.9bn compared to QR61.4bn as of September 30, 2012, an increase of 8.9 percent. The financing activities at MAR were QR 43.2bn compared to QR37bn, a growth of 16.7 percent. Customer deposits have increased to QR50.73bn compared to QR40.99bn as at the third quarter of 2012, recording an increase of 23.8 percent.
The total shareholders’ equity has gone up to QR10.10bn, compared to QR9.2bn as at the third quarter of last year, growth of 9.7 percent. MAR’s earnings per share reached QR1.67 compared to QR1.44 in the third quarter of 2012, while the book value per share has risen to QR13.47, compared to QR12.29 as on September 30, 2012. The capital adequacy ratio has reached 20.3 percent.
MAR continues its expansion in services development of its products for the convenience of its customers to attain international levels through training staff. All efforts were made to achieve best returns for the shareholder and excellent services to its customers. The MAR board meeting held on October 28, 2013 elected Jasem Saif Al Sulaity as a deputy chairman of the Board.
The Peninsula
