(MENAFN - The Peninsula) Masraf Al Rayan recorded a net profit of QR1.7bn for the year 2013, an increase of 13.2 percent compared to the year 2012.
The financial results for 2013 were approved by the Board of Directors of Masraf Al Rayan in a meeting held yesterday. The Board recommended to the general assembly a cash dividend of QR1.50 per share, representing 15 percent of the paid-up share capital, subject to the approval of Qatar Central Bank (QCB).
Announcing the results, Dr Hussain Ali Al Abdulla, Chairman and Managing Director of Masraf Al Rayan, said 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 his confidence in the strong economy of Qatar and its growth potential as expected by many in the coming years, which shall allow greater contribution from the financial sector in support of the economic development of the State of Qatar and the realisation of the 2030 vision.
Adel Mustafawi, Group CEO of Masraf Al Rayan, noted that 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.
Mustafawi said that there was noticeable growth in many activities as total assets reached QR66.54bn compared to QR61.62bn as of December 31, 2012, a growth rate of 7.98 percent. Return on Assets reached 2.56 percent.
The bank's financing activities registered a total of QR41.44bnn compared to QR41.79bn a year ago, a decrease of 0.67 percent. Investments increased to QR16.56bn from QR14.55bn, up 13.8 percent. Total customers' deposits also rose to QR48.33bn compared to QR45bn, an increase of 7.4 percent.
Shareholders' equity before proposed distribution increased to QR 10.52bn compared to QR9.59bn a year ago, reflecting an increase of 9.7 percent. Book value per share reached QR14.03 and earnings per share QR2.27. The annual ordinary general assembly meeting is scheduled to be held on March 3, 2014.