Mashreqbank records 18 percent net profit climb in 3Q 2003
Mashreqbank’s upward trend of the first half of this year continued in the third quarter with the bank’s Group Net Profit to the end of September 2003 climbing to 443.7 million Emirati dirhams ($120 million), representing an increase of 18 percent over the same period last year.
During the first nine months, the group’s net interest income increased by 11.19 percent to Dh 555.5 million, while commission income went up by 14 percent as compared to the same period in 2002. Costs grew by a nominal 3.55 percent.
Loans and advances at the end of the third quarter showed a growth of 13.7 percent over September 2002 figures. During the same period, total assets increased by 8.03 percent. Shareholders equity increased by 15.13 percent over September last year to Dh 3.7 billion. — (menareport.com)
© 2003 Mena Report (www.menareport.com)