Mashreqbank profit jumps by 23 percent in 1H 2002
Mashreqbank reported a group net profit of 228.2 million Emirati dirhams in the first six month of 2002, which is 23 percent higher than the corresponding period last year, confirmed a press release.
During the first half of this year the bank’s net interest income went up by seven percent while commission income increased by 22.2 percent and other fee income grew marginally over the same period last year. The effective cost management resulted in maintaining operating expenses at the same level in spite of increased business volumes.
Net loans and advances grew by three percent over the corresponding period in 2001. The advances to deposit ratio optimized at 71 percent. Proactive Assets-Liabilities management ensured optimal utilization of balance sheet with return on average assets improving by 0.2 percent in the first six months. Shareholders' equity increased by 11 percent and liquid funds to total assets remained at 42 percent.
According to Mashreqbank's Chief Executive, Abdul Aziz Al Ghurair, the bank was selective in increasing risk assets and in its lending decisions and at the same time kept tight control over non-performing loans whereas the bank’s efforts on recovery of classified loans had significant success. — (menareport.com)
© 2002 Mena Report (www.menareport.com)