Mashreqbank profits soared 19 percent in 2003
The Mashreqbank Group recorded a 19 percent net profit increase in 2003 with income reaching 601 million Emirati dirhams ($163 million). Earnings per share improved significantly from Dh 7.05 in 2002 to Dh 8.39 in 2003, stated a press release.
According to Mashreqbank CEO Abdul Aziz Al-Ghurair, the group achieved improved performance across all business segments and indicators. The group's total assets increased by 10.8 percent from Dh 23.7 billion to Dh 26.2 billion. Advances to targeted segments, wholesale and retail, increased by 17.14 percent to reach Dh 14.7 billion, compared to Dh 12.6 billion the previous year.
The Mashreqbank Board has recommended a dividend of 25 percent and stock dividend of 10 percent, making for a 35 percent distribution for shareholders versus 30 percent last year. — (menareport.com)
© 2004 Mena Report (www.menareport.com)