Mashreqbank Group has reported an increase in profit for the first quarter of 2004 of over 15 percent as compared to the same period last year. The bank's net profit forthe quarter was 165.3 million Emirati dirhams ($44 million), against Dh 142.6 million to the end of March 2003.
The group's net interest income for the quarter increased to Dh 194.9 million, an increase of six percent when compared to the same period in 2003. Commission and other income grew by 8.7 percent. Costs grew slightly by 4.8 percent.
Loans and advances at the end of the first quarter 2004 reached Dh 15.7 billion, representing a growth of seven percent over the year end 2003 figures. Customer deposits also showed a healthy growth of eight percent and total assets increased by 10 percent during the same period.
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)
© 2004 Mena Report (www.menareport.com )