Mashreqbank profit jumps by 18 percent in 1H 2003
Mashreqbank recorded a group net profit of 270 million Emirati dirhams ($73.5 million) for the first half of 2003. This represents an 18.4 percent increase over the same period last year, stated a press release.
Operating income, comprising interest income, commission and fee income, increased by 11.3 percent. Earnings per share for the six-month period increased to Dh 3.78 against Dh 3.19 for the corresponding period in 2002.
The bank's total assets increased seven percent compared to a year earlier. During the same period, advances to customers increased by 26 percent, customer deposits rose eight percent and shareholders funds by 14 per cent.
Mashreqbank, which is among the oldest domestic banks in the United Arab Emirates (UAE), is majority owned by the wealthy Al-Ghurair family. It has a healthy share of Dubai’s corporate banking business and is regarded as a leading provider of retail banking services. — (menareport.com)
© 2003 Mena Report (www.menareport.com)