(MENAFN - Qatar News Agency) Masraf Al Rayan has reported a net profit of QR 1.7 Billion for the financial year ended December 31, 2013, a growth of 13.2% over QR 1.5 Billion reported in 2012.
The Board of Directors approved the financial results at a meeting convened here Monday
The Earnings per Share (EPS) amounted to QR 2.270 in 2013 compared to QR 2.006 in 2012
The Board of Directors recommended a distribution of cash dividend of QR 1.5 per share, representing of 15% of the paid of share capital
The financial results for 2013 along with the profit distribution are subject to Qatar Central Bank approval
Commenting on the results, Masraf Al Rayan Chairman and Dr Hussain Ali Al Abdulla said, "The results reflect the effective implementation of bank's strategy." Masraf Al Rayan Group CEO Adel Mustafawi said the good financial results were due to the efforts of the board, management and staff backed by a vision and action plan to achieve the set objective
He explained the results further noting that There was noticeable growth in many activities as total assets reached QR 66,548 Million compared to QR 61,628 Million as of December 31, 20 12, a growth rate of 7.98%, he said
Return on Assets reached 2.56%
Financing activities registered a total of QAR 41,440 Million c ompared to QR 41,719 Million as of 31 December 2012, a decrease of 0.67%
Investments increased to QR 16,565 Million from QR 14,552 Million as of December 31, 2012, an increase of 13.8%
total customers' deposits also rose to QR 48,331 Million compared to QR 45,010 Million as of December 31, 2012, an increase of 7.4%
Shareholders' equity before proposed distribution increased to QAR 10,523 Million compared to QR 9,596 Million as of December 31, 2012, an increase of 9.7%
While Book value per share reached QR 14.03. The shareholders' annual ordinary General Assembly Meeting will be held at 6.30 p.m. on March 3, 2014 at the Marriott Hotel, Doha.