(MENAFN - Qatar News Agency) Masraf Al Rayan today announced its financial results for the nine months ended 30 September 2012. The bank achieved a net profit of QR 1,083 million, an increase of 7% compared to similar period in 2011.
Chairman and Managing Director of Masraf Al Rayan Dr. Hussein Ali Al Abdulla said "We are pleased with the bank's performance which coincides with the recent credit rating upgrade by Moody's Investors Services, to A2/Prime-1 from A3/Prime-2 with a stable outlook.
As stated by Moody's the upgrade reflects on the bank's low risk profile sustained by excellent quality of its assets, robust capital and the bank's growing corporate franchise in the State of Qatar".
Commenting on the financial results achieved by the bank, Group CEO of Masraf Al Rayan Adel Mustafawi said: "The results achieved are an indication of a strong and continued performance by Masraf Al Rayan amidst an excellent business climate and a flourishing economy of the State of Qatar."
Masraf Al Rayan total assets reached QR 61,436 million, compared to QR 48,850 million as of 30 September 2011, a growth of 25.8%.
The financing activities increased to QR 37,862 million compared to QR 28,735 million as of 30 September 2011, reflecting a growth of 31.8%. The customers' deposits have also shown a remarkable growth reaching QR 51,723 million from QR 40,017 million as of 30 September 2011, a growth of 29.3%.
On the other hand, the total shareholders' equity reached QR 9,214 million compared to QR 8,141 million at the end of the third quarter of 2011, an increase of 13.2%. In addition, the book value per share increased to QR 12.29 compared to QR 10.86, as of 30 September 2011.