By Rachna Uppal
Bank's full year profit saw a 4% decrease from the same period last year.
Masraf al Rayan, Qatar's fourth largest bank by market value, reported a fourth quarter profit of $76.96 million, an increase of 30 percent over the same period in 2008, according to Reuters calculations.
The bank's full year profit stood at $242 million, a company statement said, down from $251.8 million in the same period last year, a decrease of 4 percent.
Reuters calculated fourth quarter earnings based on previous financial statements. The Islamic lender made a profit of $165 million in the nine months to Sept 30.
Total operating income amounted to $439.5 million and total assets reached $6.6 million, according to the company statement.
The lender's board of directors recommended a dividend of $0.34 per share.
In November, chief executive Adel Mustafawi said the bank was looking to expand organically and through acquisitions, with a focus on the Gulf Arab region, and Asia.
Future plans of the bank are scheduled to be discussed at the annual general meeting on March 8. (Reuters)