Mashreqbank posts 15 percent profit growth in 1Q 2003
Mashreqbank has reported a group net profit of 142.68 million Emirati dirhams ($38.4 million) for the first quarter of 2003, representing a 15 percent increase compared to the corresponding period last year. Total assets rose by 2.48 percent, while shareholders funds showed an improvement of 13 percent.
The Bank's net interest income increased by 11 percent to a sum of Dh 183.06 million, commission income went up by 3.5 percent and fees and other income increased by five percent contributing to a growth of eight percent in gross income totaling Dh 346.6 million.
At a March 2003 extraordinary general meeting of Mashreqbank shareholders, the decision to split the value of its share at face value, from Dh 100 to Dh 10 was approved. Accordingly, effective April 5 the number of Mashreqbank shares listed on Dubai Financial Market went up from 7.158 million to 71.586 million shares. The move will increase the liquidity of Mashreqbank shares ten-fold.
During the first quarter, Mashreqbank closed a major financing deal for the Ajman wastewater project which will become a prototype for future Gulf infrastructure projects. The Bank also participated in financing two Emirates Airlines aircrafts with some other leading banks. — (menareport.com)
© 2003 Mena Report (www.menareport.com)