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Qatar's Masraf Al Rayan meets estimates with 1.3 pct Q3 profit dip
October 17, 2016 / 12:06 PM / a year ago

Qatar's Masraf Al Rayan meets estimates with 1.3 pct Q3 profit dip

DUBAI, Oct 17 (Reuters) - Masraf Al Rayan, Qatar’s second-largest bank by market value, reported a 1.3 percent fall in third-quarter net profit on Monday, according to Reuters calculations, broadly meeting analysts’ expectations.

Net profit for the three months to Sept. 30 was 509 million riyals ($139.8 million) compared to 515.6 million riyals in the same period a year ago, Reuters calculations showed, using financial statements in lieu of a quarterly earnings breakdown.

Three analysts had on average forecast a quarterly net profit of 487.3 million riyals for the quarter.

The sharia-compliant bank posted net profit of 1.56 billion riyals in the first nine months of the year, higher than the 1.51 billion riyals it reported a year ago, according to a statement to the bourse.

Its chairman, Hussain Ali al-Abdulla, said in February that the bank was expecting to post annual profit growth of between 8 and 10 percent in 2016.

The lender, which has the largest weighting of any Qatari stock by index compiler MSCI, said financing activities reached 66.98 billion riyals as of end-September, up by 11 percent from the same point of 2015. Customer deposits reached 56.67 billion riyals, up by 7.4 percent over the same timeframe.

After reaping the rewards of lavish public spending in recent years, Qatari lenders are now operating in an environment of slowing deposit growth, tighter liquidity and rising borrowing costs after the state trimmed spending in 2016 to adjust to lower oil prices. ($1 = 3.6412 Qatar riyals) (Reporting by Tom Arnold; Editing by David French)

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