Registering growth across the balance sheet, Masraf Al Rayan has posted a nine-month net profit of QR1.25bn in September, up 15.4% on the same period last year.
The results were announced by chairman and managing director Dr Hussain Ali al-Abdulla after a board meeting in Doha yesterday.
The meeting elected Jasem Saif al-Sulaity as a deputy chairman of Masraf Al Rayan’s board of directors.
Al-Abdulla said the results were “encouraging in the prevailing turbulent financial market.”
Complimenting the results, he hoped it would contribute to the national economy of Qatar.
“The huge budgets allocated to the infrastructure projects in the country will create opportunities to achieve good results at the end of the year,” al-Abdulla said.
Masraf Al Rayan Group CEO Adel Mustafawi said, “The management executed the strategic plans adopted by the board of directors and exerted a lot of efforts to achieve these results, which put MAR as one of the fastest growing Islamic banks in Qatar and the world.”
Masraf Al Rayan’s total assets reached QR66.9bn in September compared with QR61.4bn in the same period last year.
Financing activities totalled QR43.2bn in September this year compared with QR37bn in the same period last year, a growth of 16.7%. Customer deposits totalled QR50.7bn compared with QR40.9bn in the third quarter of 2012, an increase of 23.8%.
Total shareholders’ equity went up to QR10.1bn in the third quarter of this year compared with QR9.2bn in the same period in 2012. This shows a growth of 9.7%.
Masraf Al Rayan’s earnings per share (EPS) reached QR1.67 in Q3, 2013 compared with QR1.44 in the third quarter of 2012, while the book value per share rose to QR13.47 in September this year, compared with QR12.29 as on September 30, 2012. The capital adequacy ratio has reached 20.3%.
The banks said it is continuing its expansion in the “services development” of its products for the convenience of customers. All efforts have been made to achieve the best returns for the shareholder and excellent services to customers. Masraf Al Rayan said it continues its policy as a socially responsible entity. The bank has co-operated with Hamad Medical Corporation to organise blood donation campaigns, where the bank employees participated wholeheartedly.