Masraf al-Rayan in Qatar net profit up 10% in H1

Masraf Al Rayan declared a net profit of QR 903.8 million in H1 2014, a 10.1 percent increase from QR 820.7 million for the same period last year.
The bank's Earning per Share (EPS) amounted to QR 1.205 as of June 30 versus QR 1.094 for the corresponding period in 2013.
The financial statements for the period ending June 30 include the results of Islamic Bank of Britain, which was consolidated this year.
Board Chairman and Managing Director Dr. Hussain Al Abdulla expressed his satisfaction with the results achieved. He considered them in line with the board of directors' expectations and in accordance to the strategic plans in place and the steady and prudent policy to avoid all potential risks and in compliance with Sharia banking, commercial and investment operations, which are reinforced further by strong performance and a promising outlook of the economy of the state of Qatar.
Masraf Al Rayan's total assets increased by 15.5 percent to QR 74,212 million compared to QR 64,271 million in June 30. Financing activities increased by 6.3 percent to reach QR 46,955 million compared to QR 44,175 million one year earlier. Customer's deposits increased by 29.9 percent amounting to QR 60,335 million compared to QAR 46,445 million corresponding period last year.
Total shareholders' equity increased by 7.3 percent to reach QR 10,503 million compared to QR 9,793 million in 30 June 2013. Earnings per share reached QR 1.205 compared to QR 1.094 in 30 June 2013; and the book value per share increased to QR 14.0 from QR 13.1 on June 30, 2013, while the capital adequacy ratio reached 16.2 percent.
Group CEO Adel Mustafawi said that the recently announced sale transaction made by Masraf Al Rayan of its stake in Seef Lusail Real Estate Development Company, did not have an impact on the financial statements of the bank for the first half of 2014, as the profit will be allocated over three years starting from the second half of 2014.