Qatar's Masraf Al Rayan Q2 profit rises 12.1 pct

DUBAI, July 22 Tue Jul 22, 2014 12:50am EDT

DUBAI, July 22 (Reuters) - Masraf Al Rayan, Qatar's largest Islamic lender by market value, reported a 12.1 percent increase in second-quarter net profit on Tuesday, beating analysts' expectations.

Net profit for the three months to June 30 was 471.6 million Qatar riyals ($129.5 million) compared to 420.6 million riyals in the same period a year ago, Reuters calculated based on its first-half financial statement.

Analysts polled by Reuters had on average forecast a net profit of 442.3 million riyals for the period.

The lender said its net profit for the opening six months of 2014 was 904 million riyals, up 10.1 percent from a year ago. ($1 = 3.6405 Qatar Riyals) (Reporting by Olzhas Auyezov; Editing by Andrew Torchia)