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Mon 25 Jan 2010 11:19 PM

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Qatar's Masraf al Rayan sees Q4 profits up 30%

Bank's full year profit saw a 4% decrease from the same period last year.

Qatar's Masraf al Rayan sees Q4 profits up 30%
PROFIT INCREASE: Qatars Masraf al Rayan reported a Q4 profit of $76.96m, a 30% increase of 2008s results. (Getty Images)

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)

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