Mashreqbank has been awarded the United Arab Emirates (UAE) Bank of the Year Award 2003 by the Banker magazine, a Financial Times publication, in its annual survey of the world's leading banks.
The award honors Mashreqbank for its growth and performance in terms of capital, assets and return on equity. It also acknowledges Mashreqbank's banking strategy, structure and technology, and how these have equipped it for future developments in the market.
In its report on the reasons for its decision, The Banker highlighted Mashreqbank's consistently strong financial performance, which saw its net profit increase by 24 percent in 2002. Last year it also lifted its return on equity (ROE) to 17 percent, up from 15 percent a year earlier, the report said.
As part of its three-year strategic plan Mashreqbank continued its regional expansion in Qatar and increased its non-interest income in the areas of project finance, asset management, bankassurance and credit cards. Mashreqbank also greatly improved its credit risk management and its tier one capital rose 10 percent, further strengthening the bank's balance sheet. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
