Mashreqbank profit leaps 20 percent in first quarter 2002
Mashreqbank reported a group net profit of 124.1 million Emirati dirhams ($33.7 million) for the first quarter of 2002, a 20 percent increase compared with the corresponding period last year. Total Assets rose by a marginal 1.8 percent while shareholders funds increased by 6.8 percent.
The bank’s net interest Income climbed by over 10 percent to reach Dh 164.8 million while other income at Dh 156.2 million increased by nine percent, mainly as a result of commission income growing by 19 percent. Expenses were marginally higher than the corresponding period last year by three percent.
During the first quarter of this year, the bank introduced a number of retail products including a credit card solely for Internet shopping as well as introducing an upgraded packaged current account.
Mashreqbank psc is one of the leading banks in the United Arab Emirates (UAE), with total assets as of December 31, 2001, of $6.18 billion, making it the largest private bank in the UAE. It is the second oldest Commercial Bank in the UAE having originally been established as Bank of Oman Ltd. in 1967 in Dubai. — (menareport.com)
© 2002 Mena Report (www.menareport.com)