DOHA: Masraf Al Rayan (MAR), one of the leading Islamic banks in Qatar posted net profits of QR605m for the first half of this year, showing a 55.5 percent growth compared to the corresponding period in 2009.
Dr Hussain Ali Al Abdulla (pictured), Chairman and Managing Director of Masraf Al Rayan, said the results reinforce the bank's sound financial strength and its ability to cope with the challenging economic climate across GCC. He attributed the bank's success to its prudent policies which contributed to its constant growth and participation in the development of Qatar.
Adel Mustafawi, CEO of Masraf Al Rayan, said: "The growth achieved by Masraf Al Rayan in 2010 includes the overall activities of the bank. This growth has been driven by the bank's rapidly expanding customer base and its diversification of services."
The bank's total assets reached QR29,074m in H1 2010 compared to QR22,613m in the first half of 2009, showing an increase of 28.6 percent, while customer deposits grew to QR22,059m compared to QR16,903m in H1 2009, showing a growth of 30.5 percent. MAR's financing activities were worth QR20,903m in H1 2010 compared to QR16,886m at the end of the corresponding period in 2009, representing a 23.8 percent growth.
MAR's Earnings Per share (EPS) reached QR0.81 in the first half of this year compared to QR0.52 in the first half of 2009, while return on equity increased to 18.48 percent compared to 14.14 percent in the corresponding period of 2009.
Mustafawi added that MAR has witnessed unprecedented expansion in the first half of 2010, and opened three new branches in The Mall at D-ring Road, as well as Salwa Road and C-Ring Road, bringing the total to eight branches. "Work is in advanced stage on equipping our latest branch at Wathnan Mall at Muaither as well as other branches during the second half of this year. We currently operate 27 ATMs across different areas in Doha. We also launched the 'Al Rayan Net' to allow our customers to take advantage of our banking services online," said Mustafawi.
Dr Hussain Ali Al Abdulla expects MAR will achieve even greater growth by the end of 2010, driven by the strength and momentum of economic progress under way in Qatar under the wise leadership and vision of the government to sustain the development plans, which will have a great impact on all sectors, including the financial market.
© The Peninsula 2010
