Masraf Al Rayan, Qatar's largest sharia-compliant bank by market value, posted a 7.6 percent increase in fourth-quarter net profit on Monday, Reuters calculated.

The lender made around 470 million riyals ($129.1 million) of net profit in the three months to December 31, Reuters calculated based on financial statements, up from 437 million riyals in the corresponding period of 2012.

Masraf did not provide a quarterly breakdown of its results but said in a statement it made a net profit of 1.7 billion riyals in 2013, 13.2 percent higher than 2012.

The bank's board has recommended a cash dividend for 2013 of 1.5 riyals per share, the statement added. This is higher than the 1 riyal per share paid for 2012. - Reuters