Masraf Al Rayan achieves over QR1,049m profit at end of Q3

Total assets more than doubled to reach QAR9,424m compared to QAR4,324m as at 31 December 2006 highlighting a staggering growth of 118 percent. Customer deposits also significantly jumped to QAR4,220m from QAR223m as at the end of 2006.

The shareholders equity reached QAR5,127m compared to QAR4,078m as at the end of 2006, a growth of 25 percent. The annual return on shareholders capital reached 37 percent compared to 3 percent as at the end of 2006. The annual return on equity reached 27 percent compared to 2.7 percent as at the end of 2006.

Following the announcement of a profit of QR1,049 million, Dr. Hussain Al-Abdulla, Chairman of the Board and Managing Director of Masraf Al Rayan, stated, "We are very pleased to have achieved these results, which emphasise the board of directors' commitment to realise a consistent profit increase, especially since Masraf Al Rayan has been getting involved in diversified investment opportunities and widening its scope of activity. An example of this is Masraf Al Rayan's entrance into the Saudi Arabian market with its participation in a consumer finance company valued at SR 1.2 billion, which is the first of many partnerships set for the future."

In addition, Dr. Al-Abdulla reiterated Masraf Al Rayan's commitment of offering customers the most innovative products and the highest level of service, showing his confidence in the management and team of professionals who have brought with them international experience, as well as priming Qatari nationals to secure senior positions within the bank.

Dr. Al-Abdulla expressed his optimism in the future of Masraf Al Rayan as the Qatari economy continues to boom.