Masraf Al Rayan Achieves Net Profit of QR 1.5 Billion in 2012

Doha, January 27 (QNA) - Masraf Al Rayan on Sunday said the bank achieved a net profit of QR 1,520 million in 2012, an increase of 7.9% compared to 2011. Announcing the Banks's financial results for the year 2012 at a meeting on Sunday, the Board of Directors of Masraf Al Rayan approved the financial statements for the financial year ended December, 2012. Masraf Al Rayan Board disclosed that financial statements audited by an external auditor and reviewed by the Board of Directors, are subject to the final approval of Qatar Central Bank. The detailed financial statements will be disclosed in compliance with the instructions of Qatar Financial Markets Authority. A Masraf Al Rayan's press statement released today said the Board of Directors discussed matters related to the shareholders including the dividends for the shareholders for the financial year 2012; and recommended cash distribution of QR 1 per share which is equivalent to 10% of the total paid up share capital. In view of this, the Board of Directors submits this recommendation to the Ordinary General Assembly for approval after obtaining the approval required by the Qatar Central Bank. Chairman and Managing Director of Masraf Al Rayan Dr. Hussain Ali Al Abdulla expressed his satisfaction with the results achieved despite a challenging and volatile global economic conditions, and looks forward to achieving better results in the coming years. Group CEO Masraf Al Rayan Adel Mustafawi stated that growth achieved in all elements of the financial statements were the result of the prudent policies developed by the Board of Directors, and the great efforts made by the team at Masraf Al Rayan. Total assets reaching QR 61,628 million, compared with QR 55,271 million in December 31, 2011, a growth rate of 11.5%. Financing activities increased to a total of QR 42,769 million, compared with 34,766 million as at the end of 2011, with a growth of 23%. Moreover, customer deposits increased to QR 45,009 million, compared with 33,069 million as of 31st December 2011, an increase of 36%. Total shareholders' equity reached QR 9,734 million, compared with 8,504 million, up by 13.4% compared to 31 December 2011. Also, the book value per share reached QR 12.86 and the earning per share reached QR 2.01. Masraf Al Rayan Board of Directors also discussed at its meeting a number of issues related to the acquisition of equity in different companies, where the Board was briefed on the steps under way to complete the acquisition of a significant equity of the Islamic Bank of Britain and also was briefed on the steps under way with respect to the acquisition of shares of a commercial bank in Libya through a capital increase, this is in light of preliminary approval of Qatar Central Bank. Board of Directors also decided to announce that no final agreement was reached with the owners of the two Qatari companies working in the field of maintenance of oil fields and gas fields, and decided to forgo this matter. The Board of Directors decided to call the Shareholders for an ordinary general assembly meeting to be held on 18th of February 2013 at Doha Sheraton Hotel. The Board of Directors decided to call the Shareholders for an Extra Ordinary General Assembly Meeting on the same date to seek approval on the acquisition of a strategic share of a commercial bank in Libya through capital increase of the targeted bank, subject to the positive indication of this investment based on the result of the financial and legal due diligence now in progress and subject to the approval of the official authorities in both countries; Qatar and Libya. The Board decided as well to seek the approval of the Extra Ordinary General Assembly Meeting to empower the Board of Directors of Masraf Al Rayan to take decisions concerning urgent business / company acquisitions up to a total cost of QR 1 Billion for 2 years from the date of the Extra Ordinary General Assembly approval, and subject to informing the Extra Ordinary General Assembly on its following meeting with any acquisition which has been executed according to the Shareholders' resolution referred to above. (QNA)