DOHA: Masraf Al Rayan has posted a net profit of QR1.52bn for the full year 2012, an increase of 7.9 percent compared to 2011.
The Board of Directors of the bank yesterday approved the financial statements for the year ended December 2012. The detailed financial statements will be disclosed in compliance with the instructions of Qatar Financial Markets Authority.
They discussed matters related to the shareholders, including the dividends for them and recommended cash distribution of QR1 per share which is equivalent to 10 percent of the total paid-up share capital.
Dr Hussain Ali Al Abdulla, Chairman and Managing Director of Masraf Al Rayan, expressed satisfaction with the results despite challenging and volatile global economic conditions.
Adel Mustafawi, Group CEO, said the growth reflected on all portfolios were the result of the prudent policies developed by the board, and the great efforts made by the team at Masraf Al Rayan.
The bank’s total assets reached QR61.62bn, compared with QR 55.27bn in December 31, 2011, a growth of 11.5 percent. Financing activities increased to a total of QR42.76bn Vs QR 34.76bn, up 23 percent.
Masraf Al Rayan’s customer deposits increased to QR45.bn in 2012, compared with 33.06bn, an increase of 36 percent. Total shareholders’ equity reached QR9.73bn, up by 13.4 percent. Also, the book value per share reached QR12.86 and the earning per share reached QR2.01.
The board members also discussed a number of issues related to the acquisition of equity in different companies, where the board was briefed on the steps under way to complete the acquisition of a significant equity of the Islamic Bank of Britain and also was briefed on the steps under way with respect to the acquisition of shares of a commercial bank in Libya through a capital increase, this is in light of preliminary approval of Qatar Central Bank.
They decided to announce that no final agreement was reached with the owners of two Qatari companies working in the field of maintenance of oil fields and gas fields, and decided to forgo this matter.
The board decided to hold the ordinary general assembly meeting on February 18 at Doha Sheraton Hotel. It also decided to call the shareholders for an extra ordinary general assembly meeting on the same day to seek approval on the acquisition of a strategic share of a commercial bank in Libya through capital increase of the targeted bank.
The Peninsula
