Masraf H1 net profit up 55pc
Doha, July 20, 2010
Masraf Al Rayan, one of the leading Islamic banks in Qatar, said its net profit in the first half surged to QR605 million ($166 million), up 55.5 per cent when compared to the same period last year.
The bank said its total assets rose to QR29.07 billion from QR22.6 billion last year, thereby achieving an increase of 28.6 per cent.
Its customer deposits meanwhile reached QR22.05 billion compared to QR16.9 billion, recording a growth of 30.5 per cent.
The financing activities at MAR were worth QR20.9 billion compared to QR16.8 billion at the end of same period of 2009, a growth of 23.8 per cent, the bank said in a statement.
Commenting on the results, Masraf Al Rayan CMD Dr Hussain Ali Al Abdulla said, 'The results reinforce the bank’s sound financial strength and its ability to cope with the challenging economic climate across GCC.'
He attributed the success to MAR’s prudent policies, adopted by its board of directors, which facilitated the bank to grow consistently and to participate in the development of Qatar.
Adel Mustafawi, CEO of Masraf Al Rayan, said: “The growth achieved by Masraf Al Rayan in 2010 includes the overall activities of the bank. This growth has been driven by the bank’s rapidly expanding customer base and its diversification of its services.”
MAR’s Earnings Per share (EPS) reached QR 0.81 compared to QR 0.52 in the first half of 2009, while return on equity increased to 18.48 per cent compared to 14.14 per cent for the same period of 2009.
Mustafawi said, 'MAR witnessed unprecedented expansion in the first half of 2010, and we opened three new branches in ‘The Mall’ - at D-ring road, Salwa Road, C-Ring Road, to have a total of eight operating branches.'
'Work is in advanced stage on equipping our latest branch at Wathnan Mall at Muaither as well as other branches during the second half of this year. We currently operate 27 ATMs across different areas in Doha. We also launched the ‘Al Rayan Net’ to allow our customers to take advantage of our banking services online,' he added.-TradeArabia News Service