Qatar’s Masraf al Rayan targets Libyan bank stake

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Qatar's Masraf Al Rayan is seeking permission from its shareholders to buy a stake in a Libyan commercial bank, the Islamic lender said in a statement.

Rayan says plans to finance the acquisition through a capital increase, Reuters said.

On Sunday, Masraf Al Rayan, Qatar's fourth-largest bank by market value, posted a 16.3 percent increase in full-year net profit.

The sharia-compliant bank made a net profit of QAR1.41bn (US$384.45m) in 2011, compared with QAR1.21bn in the previous year.

Earnings profit for the fourth quarter was QAR396m according to Reuters calculations, a 37 percent jump from the QAR289m it made in same period a year earlier.

The bank's assets stood at QAR55.27bn at the end of last year, up 59.4 percent from a year earlier.

Meanwhile, customer deposits increased by 71.2 percent to QAR46.26bn at the end of 2011.

The board has proposed a QAR0.50 per share dividend for the second half of 2011, taking the full-year amount to QAR1.10 per share, the statement added.

Shares in Masraf Al Rayan declined 1.2 percent before the results were announced on Sunday, while the Qatar bourse index rose 0.1 percent.

* With Reuters

Related:
Companies

Market Performance

Masraf Al Rayan
47.05
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

5
Why are some of the world's biggest banks leaving the UAE?

Why are some of the world's biggest banks leaving the UAE?

Large Western banks have been selling off their local assets...

2
Most Discussed
  • 17
    Nakheel PR: The toughest job in Dubai?

    You forgot to mention the sewage pit between JLT and Jumeirah Park and the terrible landscaping in Jumeirah Park The chain link fencing they want to install... more

    Monday, 30 March 2015 9:05 AM - An Emaar Fan
  • 12
    Dubai Int'l T1 is too congested, says Indian airline boss

    Yes, T1 is overflowing, but Air India need to maintain its timing which is a big question mark most of the time. Plus quality of service, please have some... more

    Monday, 30 March 2015 4:13 PM - Shareen
  • 9
    Post traumatic stress?

    I once had a Emirates Post employee hang up on me when I asked her to repeat something. That said, the worst is my management company, Kingfield Management... more

    Sunday, 29 March 2015 6:07 PM - Sarah