Masraf Al Rayan net surges 37.5pc
Doha, January 25, 2011
Masraf Al Rayan, the fourth biggest lender in Qatar, said its full-year net profit for 2010 surged 37.5 per cent to QR1.21 billion ($332.3 million) compared to QR880.7 million the previous year.
The Qatari lender saw its net profit climb a mere 3.2 per cent in the fourth-quarter, Reuters calculations showed.The fourth-quarter net profit rose to QR289 million ($79.4 million) from QR280 million a year earlier.
Reuters calculated fourth-quarter profit based on the lender's previous financial statements. Masraf Al Rayan earlier posted a nine-month net profit of QR911.5 million.
Announcing the results on Tuesday, Masraf Al Rayan said its board of directors had recommended the distribution of 38.95 per cent of the paid up capital to the shareholders for the financial year 2010.
This is equivalent to QR2.635 per share, therefore, the paid up percentage of the nominal value of the share will reach 94 per cent, the bank added.-TradeArabia News Service and Reuters