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Wed 23 Apr 2014 08:54 PM

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Qatar's largest Islamic lender posts 8% rise in Q1 net profit

Masraf Al Rayan beats analysts' expectations after making $118m in the first three months of the year

Qatar's largest Islamic lender posts 8% rise in Q1 net profit

Masraf Al Rayan, Qatar's largest Islamic lender by market value, reported an 8 percent increase in first-quarter net profit on Wednesday, beating analysts' expectations.

Net profit for the opening three months of the year was QR432.4 million ($118.8 million) compared to QR400.1 million in the same period a year ago, a company statement said.

Analysts polled by Reuters on average had forecast a net profit of QR415.4 million for the period.

Total income climbed 5 percent from a year earlier to QR707.9 million. Financing activities increased 10 percent to QR45.6 billion, while customers' deposits rose 15 percent to QR52.3 billion.

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