Masraf gets Q1 deposit boost
Doha, April 13, 2010
Masraf al Rayan, Qatar's fourth-biggest lender by market value, said first-quarter profits rose almost 50 per cent on the back of rising deposits and a surge in financing activity.
The Islamic lender said quarterly profit hit QR312 million ($85.76 million), up 48.5 per cent from a year earlier, boosted by a jump in deposits to QR 21.6 billion from QR13.8 billion, in a statement.
Financing activity climbed to QR 20.5 billion from QR14.5 billion in the first quarter of 2009, the statement added, without elaborating, while total assets grew 42 per cent to QR28.2 billion.
Shares in Masraf al Rayan, up 11.9 per cent this year to Sunday's close, ended up 1.3 per cent on Monday before the results were released.
Elsewhere, Masraf al Rayan is acting as adviser on a stake sale by Ahli United Bank, Bahrain's biggest lender, to up to five Qatari individuals, according to a source familiar with the matter.
In March, Qatar's central bank said banks would be allowed to diversify their revenue base and bolster trading income by buying shares of listed companies on the bourse and re-entering brokerage operations.
Masraf al Rayan said in March it had launched a Gulf-wide fund to manage up to $1.1 billion and focus on Gulf equities, as well as fixed-income instruments. – Reuters