Qatar's Masraf profits up on financing and fees

PROFIT BOOST: Masraf Al Rayan reported second quarter profits of QR176.7m. (Getty Images)

Qatari lender Masraf Al Rayan on Monday reported an almost five-fold rise in second-quarter net profit, boosted by a strong increase in financing activities and income from commissions and fees.

The three-year old Islamic bank in a statement posted on the bourse's website said net profit in the second quarter rose to QR176.7m ($48.53m) from QR31.08m in the second quarter in 2008.

Masraf's income from financing activities in the second quarter rose to QR264.2m from QR105.2m in the same period in 2008. Commission and fee income rose to QR48.88m in the second quarter from QR16.22m.

Qatar National Bank, the country's largest bank by market value, earlier this month said second-quarter net profit rose 12 percent, while Qatar Islamic Bank reported a 16 percent increase in profit. Second-quarter net profit at Commercial Bank of Qatar, by contrast, fell 45 percent. (Reuters)

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