ID :
198802
Tue, 08/02/2011 - 22:55
Auther :
Shortlink :
http://m.oananews.org//node/198802
The shortlink copeid
Masraf Al Rayan H1 Net Profit up 14%
Doha, August 02 (QNA) - Masraf Al Rayan Bank (MAR) Monday reported an increase of 14% (QR 691.4 Million) in its net profit for the period ending June 30 compared to QR 604.6 Million for the same period in 2010.
The Islamic bank's Earning per Share (EPS) was QR 0.92 as of June 30 compared to QR 0.81 for the same period last year. The bank also approved payment of outstanding share capital to its shareholder at its financial results review meeting.
MAR Chairman and Managing Director Dr Hussain Ali Al Abdulla said, "The impressive results demonstrate the success of bank in achieving its objectives. The results reinforce the prudent policies which has helped positioning the bank at the forefront of Islamic banking at the local and regional levels."
The results also emphasize MAR's risk free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shari'a.
Dr Al Abdulla also announced that the Board of Directors has fulfilled its commitments and obligations towards the shareholders, regulatory and supervisory authorities in Qatar.
The bank has paid dividends from the net profit of the first half of 2011 towards the remaining unpaid share capital, as approved in the General Assembly of Masraf Al Rayan held earlier this year.
MAR Group CEO Adel Mustafawi said the results were as per the growth forecast and the strategic plans of the bank.
The total assets of the bank reached QAR 48,934 Million compared to QAR 29,074 Million as of June 30 last year, registering an increase of 68%.
The financing activities at MAR were worth QAR 28,331 Million compared to QAR 20,903 Million for the period under review, a growth of 36%.
Deposits increased to QAR 40,626 Million compared to QAR 22,059 Million as at the end of the first half of 2010, recording an increase of 84%.
The bank reported an increase in the total shareholders' equity up to QAR 7,820 Million from QAR 6,546 Million as at the end of the first half of last year, registering a growth of 19.5%. (QNA)
The Islamic bank's Earning per Share (EPS) was QR 0.92 as of June 30 compared to QR 0.81 for the same period last year. The bank also approved payment of outstanding share capital to its shareholder at its financial results review meeting.
MAR Chairman and Managing Director Dr Hussain Ali Al Abdulla said, "The impressive results demonstrate the success of bank in achieving its objectives. The results reinforce the prudent policies which has helped positioning the bank at the forefront of Islamic banking at the local and regional levels."
The results also emphasize MAR's risk free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shari'a.
Dr Al Abdulla also announced that the Board of Directors has fulfilled its commitments and obligations towards the shareholders, regulatory and supervisory authorities in Qatar.
The bank has paid dividends from the net profit of the first half of 2011 towards the remaining unpaid share capital, as approved in the General Assembly of Masraf Al Rayan held earlier this year.
MAR Group CEO Adel Mustafawi said the results were as per the growth forecast and the strategic plans of the bank.
The total assets of the bank reached QAR 48,934 Million compared to QAR 29,074 Million as of June 30 last year, registering an increase of 68%.
The financing activities at MAR were worth QAR 28,331 Million compared to QAR 20,903 Million for the period under review, a growth of 36%.
Deposits increased to QAR 40,626 Million compared to QAR 22,059 Million as at the end of the first half of 2010, recording an increase of 84%.
The bank reported an increase in the total shareholders' equity up to QAR 7,820 Million from QAR 6,546 Million as at the end of the first half of last year, registering a growth of 19.5%. (QNA)
