Doha, 18 October 2009: Masraf Al Rayan announced its Q3 financial results for the period ending 30 September 2009 with a net profit of QAR601 mn gained mainly from core banking activities. MAR announced that the financing activities realized solid growth of 118% compared to last year. The total operating income increased by 14.6% compared to the same period ending 30 September 2008.

Total assets reached QAR21,345 mn compared to QAR13,287 mn for the same period last year with a growth of 60.7%, customers’ deposits increased notably to QAR15,242 mn compared to QAR7,649mn in Q3 2008 with a growth of 99.3%. Profit paid on the investments accounts increased by 107.6% reflecting competitive rates.

Shareholders’ equity reached QAR5,682 mn with a slight increase compared to the same period last year. The annual return on paid up share capital reached 19.4% while the earning per share reached QAR 0.80 with a minor decrease compared to Q3 2008.

Dr. Hussain Al Abdulla, Chairman and Managing Director, expressed his pleasure in achieving these results. He attributed this achievement to the Bank’s compliance with a prudent credit and risks policy, which proved MAR’s ability to sustain its balanced growth in the global changing financial markets.


Dr. Al Abdulla emphasized that MAR will continue to look for more investment opportunities that will enhance the bank’s solid financial position. “With dedicated management and staff supported by the strong economy of the State of Qatar, we expect to continue to achieve significant growth through 2009� added Dr. Al Abdulla.

Mr. Adel Mustafawi, CEO, elaborated that the increase in financing activities and operating income reflect the Bank’s successful policy in expanding its customers’ base and increasing the Bank’s market share. “Masraf Al Rayan recently added two more branches to its branch network, one in City Center and the other in Qatar University bringing the total number to 5 branches in Doha. We expect to launch two more by the end of the year and we will continue to expand our products and services to serve better our customers� added Mr. Mustafawi.