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Masraf al Rayan Q2 net profit up 13.3pc

Dubai, July 23, 2013

Masraf Al Rayan, Qatar's largest sharia-compliant bank by market value, posted a 13.3 per cent increase in its second-quarter net profit, Reuters calculations show, edging ahead of analysts' forecasts.

Net profit for the second quarter was 421 million riyals ($115.6 million), compared with 371.7 million riyals in the same period a year ago, Reuters calculated based on company financial statements.

Analysts polled by Reuters, on average, had forecast a net profit of 413.6 million riyals for the quarter.

Net profit for the first six months of the year was 821 million riyals, 13.2 percent higher than the corresponding period of 2012, the bank said in a statement on Monday.

The results were in line with the company's forecast, Adel Mustafawi, group chief executive of Masraf Al Rayan, said in the statement.

Year-on-year, Masraf Al Rayan posted a 39.2 per cent jump in customer deposits and a 16.3 per cent increase in lending, the statement added. - Reuters




Tags: increase | profit | Masraf Al Rayan | Q2 |

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