Qatari lender Masraf Al Rayan posted a first quarter net profit of QR353mn, up 7.8% on the same period last year, thanks to growth in Shariah-based banking, commercial and investment operations.
The bank’s total assets have increased to QR57.8bn in Q1, 2012, up 37.2% on QR42.1bn in the same period last year.
Masraf Al Rayan’s financing activities also witnessed a similar growth and reached QR35.9bn in the first quarter compared with QR26.5bn in Q1, 2012, which shows an increase of 35.6%.
Customer deposits totaled QR48.7bn in the first quarter, up 44.5% (QR33.7bn) on the same period last year.
Masraf Al Rayan’s total shareholder equity has gone up to QR8.4bn in the first quarter, up 13.8% on QR7.4bn in the same period last year.
Earnings per share reached Dh47 in March compared to Dh44 in the same period in 2011. The book value per share reached QR11.31 in the first quarter compared to QR9.94 in March 2011.
“These results reinforce successful policies in managing our banking, commercial and investment operations in conformity with the Shariah principles,” Masraf Al Rayan said in a release.
Masraf Al Rayan Chairman and Managing Director Dr Hussain Ali al-Abdullah said the results were “reasonable” taking into consideration financial conditions prevailing in the market, Gulf Times reported.