Masraf Al Rayan, Qatar's largest Islamic lender by market value, reported an 8 percent increase in first-quarter net profit on Wednesday, beating analysts' expectations.

Net profit for the opening three months of the year was 432.4 million riyals ($118.8 million) compared to 400.1 million riyals in the same period a year ago, a company statement said.

Analysts polled by Reuters on average had forecast a net profit of 415.4 million riyals for the period.

Total income climbed 5 percent from a year earlier to 707.9 million riyals. Financing activities increased 10 percent to 45.6 billion riyals, while customers' deposits rose 15 percent to 52.3 billion riyals. – Reuters