Masraf Al Rayan Q2 profit rises 12.1pc

July 22, 2014 - 9:12:18 am

DOHA: Masraf Al Rayan, Qatar's largest Islamic lender by market value, reported a 12.1 percent increase in second-quarter net profit on Tuesday, beating analysts' expectations.

Net profit for the three months to June 30 was QR471.6 million ($129.5 million) compared to 420.6 million riyals in the same period a year ago, Reuters calculated based on its first-half financial statement.

Analysts polled by Reuters had on average forecast a net profit of QR442.3 million for the period.

The lender said its net profit for the opening six months of 2014 was QR904 million, up 10.1 percent from a year ago. (Reuters)