Mashreqbank’s third quarter profit climbs 25 percent
Mashreqbank’s upward trend set in the first two quarters of this year continued in the third quarter with the bank’s group net profit to the end of September 2002 climbing to 375 million Emirati dirhams, 25 percent higher than in the same period last year.
During the first nine months, the Group’s net interest income increased by 7.5 percent, while commission and other income went up by 8.6 percent as compared to the same period in 2001. Costs remained flat and provisions were down by 12.7 percent.
Loans and advances at the end of the third quarter showed a healthy growth of 16.9 percent over December 2001 figures. The resulting increase in the advances to deposits ratio achieved an optimal level of 81.7 percent. Shareholders equity increased by 6.8 percent.
In line with the Bank’s overall strategy, the overseas network was managed very tightly by reducing risk assets on selective basis. The Colombo branch sale was finalized during the quarter.— (menareport.com)
© 2002 Mena Report (www.menareport.com)