Mashreqbank achieves 16 percent profit growth in 2001
Mashreqbank has reported a group net profit of 405.7 million Emirati dirhams ($110.5 million) for 2001, an increase of 16 percent over the previous year. The bank's net interest income improved by four percent to Dh634.5 million, fee and other income rose by10.7 percent and gross revenue by 6.7 percent to Dh1.1 million, stated a bank press release.
“With improved profitability and a stronger balance sheet, all key performance indicators including profitability, liquidity and capital adequacy ratios have shown further improvement,” stated Mashreqbank Chief Executive Abdul Aziz Al-Ghurair.
After remaining flat for three consecutive years, the bank’s costs rose by a modest 2.8 percent. Efficiency ratio improved to 41.9 percent and fee income to gross income ratio remained healthy at 44.3 percent.
The bank introduced advanced Internet and mobile banking delivery channels to its customers in 2001 with its core product range from consumer loans to credit cards being revamped during the same period. Emphasis remained on non-credit, fee-based income products, with new fee-based products being introduced.
Mashreqbank recorded total assets Dh22 million (six million dollars), making it the largest private bank in the United Arab Emirates (UAE). It is the second oldest commercial bank in the UAE having originally been established as the Bank of Oman in 1967 in Dubai. Mashreqbank has international coverage with 14 branches and subsidiaries in 11 countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)