Middle East Bank, a subsidiary of Emirates Bank Group, announced late last week a 2.1 percent increase in its net profit for the year 2000—reaching Dh 66.3 million compared with Dh 64.9 million in 1999. A Press statement issued from the bank attributed the increase in profits to a number of factors such as the bank’s new method of centralizing all loan processes, allowing the branches to concentrate on specific financial product marketing.
The Emirates news agency WAM reported that the board of directors announced, at the bank’s Annual General Meeting in Dubai, a cash dividend of five percent, resulting in a payout of Dh25 million.
The bank also reported a 2.1 percent increase in its total income from Dh161.71 million in 1999 to Dh165.27 million in 2000. The increase was mostly due to the rise in interest income—which was up 7.7 percent to Dh211.97 million compared to Dh196.77 million in 1999.
Although total assets rose 11 percent, from Dh2.17 billion to Dh2.42 billion, the bank's loans and advances fell 6.52 percent to Dh1.2 billion relative to Dh1.3 billion the previous year. —(Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)