Masraf Al Rayan (MAR) - one of the leading Islamic banks in Qatar, announced a 55.5 increase in net profit in the first half of 2010 to QAR605 million against the same period last year. Total assets reached QAR29,074 million compared to QAR22,613 million in the corresponding first half of 2009, thereby achieving an increase of 28.6 percent, while customer deposits reached QAR22,059 million compared to QAR 16,903 million, recording a growth of 30.5 percent. The financing activities at MAR were valued at QAR 20,903 million compared to QAR16,886 million at the end of same period of 2009, a growth of 23.8 percent. MAR's earnings per share (EPS) reached QAR 0.81 compared to QAR 0.52 in the first half of 2009, while return on equity increased to 18.48 percent compared to 14.14 percent for the same period of 2009. Dr Hussain Ali Al Abdulla, chairman and managing director of Masraf Al Rayan, said the results reinforce the bank's sound financial strength and its ability to cope with the challenging economic climate across GCC. He attributed the success to MAR's prudent policies adopted by its Board of Directors, which facilitated the bank to grow consistently and to participate in the development of Qatar. Adel Mustafawi, CEO of Masraf Al Rayan, said: “The growth achieved by Masraf Al Rayan in 2010 includes the overall activities of the bank. This growth has been driven by the bank's rapidly expanding customer base and its diversification of its services.” He added: “MAR witnessed unprecedented expansion in the first half of 2010, and we opened three new branches in ‘The Mall' - at D-ring road, Salwa Road, C-Ring Road, to have a total of eight operating branches. Work is in advanced stage on equipping our latest branch at Wathnan Mall at Muaither as well as other branches during the second half of this year.”
