Masraf Al Rayan H1 Net Profit up 13.2% to QR 821 Million

Doha, July 23 (QNA) - Masraf Al Rayan (QE: MAR) today announced a net profit of QR 821 Millon, for the six-month period ending June 2013, a growth of 13.2% compared to QR 725 Million posted in the corresponding period in 2012. The bank's Earnings Per Share (EPS) was QR 1.09 compared to QR 0.97 in the first half of 2012, while the book value per share has risen to QR 12.90, compared to QR 11.80 as on June 30, 2012 while the capital adequacy ratio reached 20.8%, according to a Qatar Exchange notification Tuesday. The bank reported an 39.2% increase in customer deposits to QAR 46,445 million from QAR 33,360 Million reported at the end of the first half of 2012. The total shareholders’ equity has gone up to QR 9,674 million, compared to QR 8,853 million as at the end of the first half of last year, growth of 9.3%. Masraf Al Rayan Chairman and Managing Director Dr Hussain Ali Al Abdulla said the impressive results reinforce the prudent policies which have helped in positioning the bank at the forefront of Islamic banking at local and regional levels. "The results also emphasize the bank's risk-free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shari'a." Masraf Al Rayan Group CEO Adel Mustafawi said the results vindicate the growth forecast and strategic plans of the bank. The total assets of the bank reached QR 64,271 Million compared to QR 60,534 Million as of June 30, 2012, an increase of 6.2%. The financing activities were QAR 44,175 Million compared to QAR 37,982 Million a growth of 16.3% for the period. The bank currently operates 11 branches and 50 ATMs across Qatar. It plans to introduce Al Rayan Mobile for convenient and hassle free banking through smart phones. (QNA)