Published: Jul 23, 2014
Source: Peninsula Qatar

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Masraf Al Rayan profit up 10.1pc

Masraf Al Rayan has recorded a net profit of QR904m for the first half of 2014, an increase of 10.1 percent compared to QR821m posted during the same period in 2013

The financial statements for the period ended June 30, 2014 include the results of Islamic Bank of Britain, which was consolidated this year.

Masraf Al Rayan’s total assets increased by 15.5 percent to QR74.21bn compared to QR64.27bn a year ago. Financing activities increased by 6.3 percent to reach QR46.95bn compared to QR44.17bn in June 30, 2013. Customers’ deposits increased by 29.9 percent to reach QR60.33bn compared to QR46bn in the first half of 2013.

Total shareholders’ equity increased by 7.3 percent to reach QR10.50bn compared to QR9.79bn in June 30, 2013. Earnings per share reached QR1.205 compared to QR1.094 in June 30, 2013; and the book value per share increased to QR14.0 from QR13.1, while the capital adequacy ratio reached 16.2 percent.

Dr Hussain Al Abdulla, Board Chairman and Managing Director, expressed his satisfaction with the results . He considered the results are in line with the Board of Directors’ expectations and in accordance to the strategic plans in place and the steady and prudent policy to avoid all potential risks and in compliance with Shariah banking, commercial and investment operations, which are reinforced further by strong performance and a promising outlook of the economy of the state of Qatar, the Bank said in a statement yesterday. 

Adel Mustafawi, the Group CEO, said the recently announced sale transaction made by Masraf Al Rayan of its stake in Seef Lusail Real Estate Development Company, did not have an impact on the financial statements of the Bank for the first half of 2014, as the profit will be allocated over three years starting from the second half of 2014.

He said the growth achieved as a result of the great efforts exerted by the Bank’s management and staff to sustain the consistent growth of Masraf Al Rayan’s financial position. He added the Bank took great interests in the development of its growing work force, especially Qataris (make up 47 percent of all participants in Human Resources projects), through a variety of training and advancement projects. 

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