Masraf Al Rayan Q2 profit jumps
Doha, July 20, 2009
Qatari lender Masraf Al Rayan on Monday reported an almost five-fold rise in second-quarter net profit, boosted by a strong increase in financing activities and income from commissions and fees.
The three-year old Islamic bank in a statement posted on the bourse's website said net profit in the second quarter rose to 176.7 million riyals ($48.53 million) from 31.08 million riyals in the second quarter in 2008.
Masraf's income from financing activities in the second quarter rose to 264.2 million riyals from 105.2 million riyals in the same period in 2008. Commission and fee income rose to 48.88 million riyals in the second quarter from 16.22 million riyals.
Qatar National Bank, the country's largest bank by market value, earlier this month said second-quarter net profit rose 12 percent, while Qatar Islamic Bank reported a 16 percent increase in profit. Second-quarter net profit at Commercial Bank of Qatar, by contrast, fell 45 percent. -Reuters