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Tue 22 Jul 2014 01:50 PM

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Qatar's largest Islamic bank posts 12% rise in Q2 net profit

Masraf Al Rayan beats analysts' expectations by reporting profit of $129.5m in three months to June 30

Qatar's largest Islamic bank posts 12% rise in Q2 net profit

Masraf Al Rayan, Qatar's largest Islamic lender by market value, reported a 12.1 percent increase in second-quarter net profit on Tuesday, beating analysts' expectations.

Net profit for the three months to June 30 was QR471.6 million ($129.5 million) compared to QR420.6 million in the same period a year ago, Reuters calculated based on its first-half financial statement.

Analysts polled by Reuters had on average forecast a net profit of QR442.3 million for the period.

The lender said its net profit for the opening six months of 2014 was QR904 million, up 10.1 percent from a year ago.

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