Masraf Al Rayan 2013 net profit up 13.2% to QR1.7bn

Masraf Al Rayan’s total assets reached QR66.5bn in 2013, compared with QR61.6bn in 2012, indicating a growth of about 8%Driven by a strategy aimed at enhancing Masraf Al Rayan as a leading regional bank, MAR posted a full year net profit of QR1.7bn, up 13.2% on 2012. The results were announced by Masraf Al Rayan chairman and managing director, Dr Hussain Ali al-Abdulla after a meeting of the bank’s Board of Directors in Doha yesterday.The bank’s total assets reached QR66.5bn in 2013, compared with QR61.6bn in 2012, indicating a growth of about 8%.Al-Abdulla expressed utmost satisfaction with the results that have been achieved as planned. The results reflect the bank’s strategy implemented in an effective manner to enhance Masraf Al Rayan’s standing as one of the leading banks locally and regionally. He also expressed confidence in the strength of Qatar’s economy and its growth potential.The national economy will have greater contribution from the financial sector in support of Qatar’s economic development and the realisation of the Qatar National Vision 2030.Masraf Al Rayan Group CEO Adel Mustafawi said the financial results were achieved due to “considerable efforts” made by the Board, management and staff, supported by a clear vision and action plan, which also “successfully guided everyone” in the bank to achieve the set objective.The bank’s return on assets reached 2.56%. Financing activities reached QR41.4bn last year, down 0.67% on QR41.7bn in 2012.Investments increased to QR16.5bn in 2013, up 13.8% on QR14.5bn in 2012.Total customer deposits rose to QR48.3bn last year, compared with QR45bn in 2012, an increase of 7.4%.Shareholders’ equity (before proposed distribution) increased to QR10.5bn last year, compared with QR9.5bn in December, which shows an increase of 9.7%.While the bank’s book value per share reached QR14.03, earnings per share reached QR2.27 in 2013. Masraf Al Rayan yesterday said the bank’s ordinary annual general assembly meeting will be held on March 3 at 6-30pm at the Marriott Hotel.15% cash dividend proposedMasraf Al Rayan has proposed a cash dividend of QR1.50 per share to shareholders, representing 15% of the bank’s paid-up share capital.The bank’s Board of Directors placed the recommendation before Masraf Al Rayan general assembly. The dividend distribution will be subject to the approval of Qatar Central Bank, the bank said yesterday.