Al-Abdulla: prudent policies
Masraf Al Rayan has reported a 14% growth in its net profit to QR691mn in the first six months of this year.
“The results reinforce the prudent policies which have helped in positioning the bank at the forefront of Islamic banking at the local and regional levels. The results also emphasise its risk-free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shariah,” said Masraf Al Rayan chairman and managing director Hussain Ali al-Abdulla.
The bank also approved paying dividends from the net profit of first half of this year towards the remaining unpaid share capital, as approved in the general assembly held on March 28, 2011.
The bank’s total assets grew 68% year-on-year to QR48.93bn with total financing growing by 36% to QR28.33bn. Customer deposits have registered an 85% jump to QR40.63mn.
Adel Mustafawi, Group CEO of Masraf Al Rayan, said the results were in line with the forecast growth and strategic plans of the bank, and a consequence of unmatched efforts by everyone associated with the bank at various levels.
The total shareholders’ equity has gone up to QR7.8bn compared to QR6.55bn as at the end of the first half of last year, registering a growth of 19.5%. Its earnings per share reached QR0.92 compared to QR0.81 in the first half of 2010, while the book value per share has risen to QR10.43, compared to QR8.73 as on June 30, 2010.
The capital adequacy ratio has touched 20.57% against the Qatar Central Bank mandated 10%.