| Kippreport.com

Qatar lender Masraf Al Rayan 2011 profit up 16 percent

January 30, 2012 3:33 by Reuters

The sharia-compliant bank made a net profit of 1.41 billion riyals ($384.45 million) in 2011, compared with 1.21 billion in the previous year.

Earnings profit for the fourth quarter was 396 million riyals, according to Reuters calculations, a 37 percent jump from the 289 million riyals it made in same period a year earlier.

The bank’s assets stood at 55.27 billion riyals at the end of last year, up 59.4 percent from a year earlier.

Meanwhile, customer deposits increased by 71.2 percent to 46.26 billion riyals at the end of 2011.

The board has proposed a 0.50 riyals per share dividend for the second half of 2011, taking the full-year amount to 1.10 riyals per share, the statement added.

Shares in Masraf Al Rayan declined 1.2 percent before the results were announced on Sunday, while the Qatar bourse index rose 0.1 percent. ($1 = 3.6416 Qatar riyals) (Reporting by David French; Editing by Firouz Sedarsat) *image from qatarisbooming.com

Tags: Credit Suisse, investment, London, Qatar, QIA, wealth fund