Masraf Al Rayan announces growth in Net Profit during the First Half of 2014, Net Profit QAR 904 million

Masraf Al Rayan has announced its financial results for the period ending on 30 June 2014, achieving a net profit of QAR 904 million, an increase of 10.1% compared to QAR 821 million during the same period in 2013.

The financial statements for the period ended 30 June 2014 include the results of Islamic Bank of Britain, which was consolidated this year.

His Excellency Dr. Hussain Al Abdulla, Board Chairman and Managing Director, expressed his satisfaction with the results achieved. He considered them in line with the Board of Directors' expectations and in accordance to the strategic plans in place and the steady and prudent policy to avoid all potential risks and in compliance with Sharia banking, commercial and investment operations, which are reinforced further by strong performance and a promising outlook of the economy of the state of Qatar.

Mr. Adel Mustafawi, the Group CEO, commented in turn about the results. He pointed to the growth achieved as a result of the great efforts exerted by the Bank's management and staff to sustain the consistent growth of Masraf Al Rayan's financial position.

Masraf Al Rayan's total assets increased by 15.5% to QAR 74,212 million compared to QAR 64,271 million in 30 June 2013. Financing activities increased by 6.3% to reach QAR 46,955 million compared to QAR 44,175 million in 30 June 2013. Customer's deposits increased by 29.9% to reach QAR 60,335 million compared to QAR 46,445 million in 30 June 2013. Total shareholders' equity increased by 7.3% to reach QAR 10,503 million compared to QAR 9,793 million in 30 June 2013. Earnings per share reached QAR 1.205 compared to QAR 1.094 in 30 June 2013; and the book value per share increased to QAR 14.0 from QAR 13.1 in 30 June 2013, while the capital adequacy ratio reached 16.2%.

Mr. Adel Mustafawi also pointed to the recently announced sale transaction made by Masraf Al Rayan of its stake in Seef Lusail Real Estate Development Company, which did not have an impact on the financial statements of the Bank for the first half of 2014, as the profit will be allocated over three years starting from the second half of 2014.

Meanwhile, Masraf Al Rayan continued its efforts to provide the best quality of customer service through the twelve branches and 57 ATMs, spread out across various areas in Doha, in addition to its series of online products and services; Al Rayan Phone, Al Rayan Mobile services with Arabic smart phone applications.

Mr. Mustafawi concluded that Masraf Al Rayan took great interests in the development of its growing work force, especially Qataris (make up 47% of all participants in Human Resources projects), through a variety of training and advancement projects. Meanwhile, a group of distinguished Qatari employees attended Masraf Al Rayan national talent management program, designed only for Qataris. This group represented the second batch of the program, with the goal to advance and groom them for future leadership positions within the Bank.

Mr. Mustafawi also pointed to the augmented interest Masraf Al Rayan takes in accepting its social responsibility part through contributing to different social, sporting, and health-related activities that benefit large segments of the society, as well as activities which support and reinforce notions for a better preserved environment.

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