Masraf Al Rayan, Qatar’s third-largest Islamic bank by market value, said third-quarter profit rose more than tenfold, beating an analyst’s expectation.
Net income in the three months to September 30 surged to 382.5 million riyals ($105.1 million), or 0.51 riyals per share, compared with 36.2 million riyals in the year-earlier period, the bank said in a statement.
Revenue from investment was 329.3 million riyals and 85.9 million riyals from lending, the bank said, without giving comparative figures. The bank complies with Islamic law or sharia, which bans lending on interest.
Dlala Brokerage & Investment forecast the Sharia-compliant lender would make a profit of 185.85 million riyals in the third quarter, according to a Reuters survey last month.
Shares of Masraf were up 2.25% at 0717 GMT. The stock, which is not part of the Doha index, had fallen 4.3% this year to Monday’s close, compared with an 18.7% gain in the index. – Reuters
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