Masraf Al Rayan’s total assets grew 51.3% to QR48.85bn, with financing registering an 18.9% growth to QR28.74bn
Masraf Al Rayan has reported an 11% growth in its net profit to QR1.01bn in the first nine months of this year.
This was announced yesterday by Hussain Ali al-Abdulla, chairman and managing director of Masraf Al Rayan.
The bank’s total assets grew 51.3% to QR48.85bn, with financing registering an 18.9% growth to QR28.74bn.
Customer deposits significantly jumped to QR40.02bn from QR24.93bn at the end of third quarter 2010, recording a growth of 60.5%.
Total shareholders’ equity touched QR8.14bn compared to QR6.85bn at the end of the third quarter of 2010, an increase of 18.8%. Earnings-per-share reached QR1.35 compared to QR1.22 as at the end of September 2010.
Book value per share was QR10.86 compared to QR 9.14, as on September 30, 2010. Capital adequacy ratio was 21.27%, much more than the Qatar Central Bank mandated 10%.
“The results have exceeded our expectations, and are a result of the strong performance of the bank amidst a growing economy and a promising investment climate,” Adel Mustafawi, Group CEO of Masraf Al Rayan, said.
The bank’s board also agreed to grant an increase in the basic salary and social allowance for all Qatari nationals. This follows the Emiri Decree announcing a salary increase for Qatari employees working in the government sector and state departments; and is aimed at encouraging the Qatari employees with Masraf Al Rayan to maximise their efforts and raise the level of services provided to customers, the bank said.