Mashreqbank Group net profit up by 22.3%
UAE's Mashreqbank Group’s Net Profit climbed 22.3 per cent to Dh543 million in the first three-quarters of 2004 compared to Dh444 million in the corresponding period last year. During the same period, Assets soared 33.5 per cent to Dh31.5 billion, whereas Customer deposits went up by 29.4 per cent.
To the end of September 2004, the Group generated an Operating Income of Dh1,208 million, compared to Dh981 million in the same period of 2003. Growth in Non-Interest Income was over 36 per cent while Net Interest Income grew by 13 per cent.
A slower growth in expenses at 14 per cent helped to improve the bank’s Cost Income ratio to 35.6 per cent, as compared to 38.3 per cent last year.
Earnings per share for the first nine months of 2004 grew 11 per cent to Dh6.89.
Abdul-Aziz Al-Ghurair, CEO of Mashreqbank, observed “Higher oil prices and sustained growth in many sectors, especially construction, is having a knock-on effect which is driving growth across the wider economy resulting in improved performances in both commercial and retail banking.”
“It is particularly gratifying to see good growth in our non-interest income as this is a sign of our customer’s appreciation for our value-added services. Our strategy of investing in cutting-edge technology has given us an insurmountable lead in providing the products and services the public wants.”
Abdul-Aziz Al-Ghurair expressed confidence in the continued growth of the economy to the end of the year and beyond.
“Steps towards creating a credit rating agency and the opening of the Dubai International Financial Centre will all help to contribute to sustained growth. The UAE’s increasingly robust economy offers tremendous potential for growth across all sectors, and when businesses do well, so do financial institutions,” added Abdul-Aziz Al-Ghurair.
In July this year, the Union of Arab Banks (UAB) named Abdullah Al Ghurair, Chairman of the Mashreqbank Group, as the ‘Arab Banker of the Year’ at a gala awards ceremony held in London, describing him as “a visionary businessman and one of the pioneers of banking in the Arab world.” (menareport.com)
© 2004 Mena Report (www.menareport.com)