The Masraf Al Rayan building in Doha. Masraf Al Rayan’s total assets increased by 15.5% to QR74,212mn, compared with QR64,271mn in June 2013.

Masraf Al Rayan has posted a half yearly (H1) net profit of QR904mn, up 10.1% on the QR821mn registered in the same period last year.

The financial statements for the period that ended in June included the results of Islamic Bank of Britain, which was consolidated this year.

Masraf Al Rayan chairman and managing director Dr Hussain al-Abdulla expressed satisfaction at the results achieved.

He considered these “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 Shariah banking, commercial and investment operations, which are reinforced further by strong performance and a promising outlook of Qatar’s economy.”

Group CEO Adel Mustafawi pointed to “the growth achieved as a result of the great efforts exerted by the Bank’s management and staff to sustain the consistent growth of Masraf Al Rayan’s financial position.”

Masraf Al Rayan’s total assets increased by 15.5% to QR74,212mn compared to QR64,271mn in June 2013.

Financing activities increased by 6.3% to reach QR46,955mn compared to QR44,175mn in June 2013.

Customer’s deposits increased by 29.9% to reach QR60,335mn compared to QR46,445mn in June 2013.

Total shareholders’ equity increased by 7.3% to reach QR10,503mn compared to QR9,793mn in June 2013.

Earnings per share reached QR1.205 compared with QR1.094 in  June 2013; and the book value per share increased to QR14 from QR13.1 in  June 2013, while the capital adequacy ratio reached 16.2%.

Mustafawi also pointed to the recently announced sale transaction made by Masraf Al Rayan of its stake in Seef Lusail Real Estate Development Company, which 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 H2, 2014.

Meanwhile, Masraf Al Rayan continued its efforts to provide the best quality of customer service through the 12 branches and 57 ATMs, spread out across various areas in Doha, in addition to its series of online products and services; Al Rayan Phone, Al Rayan Mobile services with Arabic smart phone applications.

Mustafawi said Masraf Al Rayan had taken great interests in the development of its growing  work force, especially Qataris (who make up 47% of all participants in Human Resources projects), through a variety of training and advancement projects. Meanwhile, a group of distinguished Qatari employees attended Masraf Al Rayan national talent management programme, designed only for Qataris.

This group represented the second batch of the programme with the goal to advance and groom them for future leadership positions within the bank.