Font Size

- Aa +

Tue 23 Jul 2013 11:01 AM

Font Size

- Aa +

Qatar bank Masraf al Rayan Q2 net profit up 13.3%

Lender is Gulf state’s largest sharia-compliant bank by market value

Qatar bank Masraf al Rayan Q2 net profit up 13.3%

Masraf al Rayan, Qatar's largest sharia-compliant bank by market value, posted a 13.3 percent increase in its second-quarter net profit, Reuters calculations show, edging ahead of analysts' forecasts.

Net profit for the second quarter was QR421m riyals ($115.6m), compared with QR371.7m in the same period a year ago, Reuters calculated based on company financial statements.

Analysts polled by Reuters, on average, had forecast a net profit of QR413.6m for the quarter.

Net profit for the first six months of the year was QR821m, 13.2 percent higher than the corresponding period of 2012, the bank said in a statement on Monday.

The results were in line with the company's forecast, Adel Mustafawi, Group chief executive of Masraf Al Rayan, said in the statement.

Year-on-year, Masraf al Rayan posted a 39.2 percent jump in customer deposits and a 16.3 percent increase in lending, the statement added.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.