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Masraf Al Rayan

Source: Taib Bank

Quarterly Result Update

• Masraf Al Rayan (Al Rayan) reported 46.4% YoY increase in total operating income to QAR 943.97 million during 1H11, led by higher commission & fee income and investment income.
• Net profit increased 14.4% to QAR 691.72 million from QAR 604.70 million achieved in 1H10.
• We have revised our FY2011E net profit estimate 15.5% higher, driven by higher net financing income and other income.
• We are maintaining our NEUTRAL recommendation on the stock. Our new target price stands at QAR 25.50, implying an upside of 6.2%.

Operating Income
During 1H11, Masraf Al Rayan reported total operating income of QAR 943.97 million, an increase of 46.4% from QAR 644.75 million in the year-ago period. However, net financing income declined 43.3% YoY to QAR 280.48 million as financing income reduced 18.9% YoY to QAR 605.24 million, whereas financing expenses grew 29.2% YoY to QAR 324.76 million. Meanwhile, non-financing income tripled to QAR 663.49 million over QAR 144.96 million in the same period prior year. Net income from commission and fees quadrupled to QAR 160.50 million from QAR 30.85 million in 1H10. In addition, net income from investing was higher at QAR 298.77 million compared to QAR 29.28 million in the equivalent period last year. Share of profit from associates was QAR 14.85 million as opposed to a loss of QAR 1.53 million during 1H10. Other income surged 155% YoY to QAR 173.42 million.

Net Profit
Al Rayan achieved net profit of QAR 691.72 million during 1H11 over QAR 604.70 million in the year-ago period, a growth of 14.4%. Adjusted annualised EPS rose to QAR 1.84 from QAR 1.61.

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