(MENAFN- Qatar News Agency) Masraf Al Rayan MAR has announced its financial results and profits for the six-month period ending June 30, 2012, achieving a net profit of QAR 725 million, an increase of 4.9% compared to the net profit of QAR 691 million achieved in the first half of 2011.
The total assets of Masraf Al Rayan reached QAR 60,533 million compared to QAR 48,934 million as of June 30, 2011, thereby registering an increase of 23.7%. The financing activities at MAR were worth QAR 37,982 million compared to QAR 28,331 million for the period under review, a growth of 34.1%.
The customer deposits have increased to QAR 51,191 million compared to QAR 40,626 million as at the end of the first half of 2011, recording an increase of 26.0%.
The total shareholders' equity has gone up to QAR 8,853 million, compared to QAR 7,820 million as at the end of the first half of last year, registering a growth of 13.2%. MAR's Earnings Per Share (EPS) reached QAR 0.97 compared to QAR 0.92 in the first half of 2011, while the book value per share has risen to QAR 11.80, compared to QAR 10.43 as on June 30, 2011. The capital adequacy ratio has reached 17.5%.
During the first half of this year, Masraf Al Rayan has reinforced its expansion strategy aimed at offering more accessible services to its customers. The bank currently operates a total 10 branches and 45 ATMs at strategic locations across Qatar. Also, MAR is soon to introduce Al Rayan Mobile for convenient and hassle free banking through smart phones.
In his statement, Dr Hussain Ali Al Abdulla, Chairman and Managing Director of Masraf Al Rayan said the impressive results demonstrate the success of Masraf Al Rayan in achieving its set objectives.
The results reinforce the prudent policies of MAR which has helped in positioning the bank at the forefront of Islamic banking at the local and regional levels. The results also emphasize Masraf Al Rayan's risk-free strategy in its operations and its commercial and investment decisions within the provisions of Islamic Shari'a.
Adel Mustafawi, Group CEO of Masraf Al Rayan, said the results were in line with the forecast growth and strategic plans of the bank, and a consequence of unmatched efforts by everyone associated with the bank at various levels.
In conclusion, Adel Mustafawi, reaffirmed Masraf Al Rayan's commitment towards the community and emphasized that the bank will continue to strive hard to achieve the best results for its shareholders and provide innovative services as well as highest levels of banking services to its customers.
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