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179129
Sun, 05/01/2011 - 12:18
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Mashreq Bank's net profit rises 6 per cent to Dh265.3 million
Abu Dhabi, May 1, 2011 (WAM) - Mashreq Bank reported a 6 per cent increase in its net profit in Q1 2011 to Dh265.3 million compared to Dh250.8 million for the same period in 2010, on operating income of Dh1.1 billion.
In its first quarter results statement issued yesterday, Mashreq announced that its total assets remained flat at Dh84.8 billion compared with 31st Dec. 2010. Percentage of Liquid assets to Total assets remained stable at 32 per cent with Cash and due from banks at Dh27 billion.
Total customer deposits including Islamic deposits during the 1st quarter of 2011 stands at Dh50.2 billion reporting a decrease of 2 per cent as compared to Dh51.25 billion in 31st Dec. 2010.
Net interest income and income from Islamic products, net of distribution to depositors, decreased by 5.9 per cent to Dh558 million compared to the same period in 2010. Net fee, commission and other income stood at Dh535 million, against Dh645 million for the same period last year. However, fee and other income to gross income ratio at 49 per cent continues to be one of the best in its class.
The Provisions for loan losses declined by 33 per cent reporting Dh325.3 million, demonstrating Mashreq's continuous efforts on improving the asset quality. As part of Mashreq's prudent financial management expenses are under control and well arranged, with general and administrative expenses reduced by 1.9 per cent compared to the same period in 2010.
Maintaining a cautious approach towards liquidity management, credit expansion and capital management, Mashreq strengthened its balance sheet with strong capital adequacy, high liquidity and low advances to deposits ratio. Mashreq's capital adequacy ratio remained strong at 22.05 per cent with its tier one ratio at 15.44 per cent. The advances to deposit ratio continues to be a healthy at 80 per cent. - Emirates News Agency, WAM
In its first quarter results statement issued yesterday, Mashreq announced that its total assets remained flat at Dh84.8 billion compared with 31st Dec. 2010. Percentage of Liquid assets to Total assets remained stable at 32 per cent with Cash and due from banks at Dh27 billion.
Total customer deposits including Islamic deposits during the 1st quarter of 2011 stands at Dh50.2 billion reporting a decrease of 2 per cent as compared to Dh51.25 billion in 31st Dec. 2010.
Net interest income and income from Islamic products, net of distribution to depositors, decreased by 5.9 per cent to Dh558 million compared to the same period in 2010. Net fee, commission and other income stood at Dh535 million, against Dh645 million for the same period last year. However, fee and other income to gross income ratio at 49 per cent continues to be one of the best in its class.
The Provisions for loan losses declined by 33 per cent reporting Dh325.3 million, demonstrating Mashreq's continuous efforts on improving the asset quality. As part of Mashreq's prudent financial management expenses are under control and well arranged, with general and administrative expenses reduced by 1.9 per cent compared to the same period in 2010.
Maintaining a cautious approach towards liquidity management, credit expansion and capital management, Mashreq strengthened its balance sheet with strong capital adequacy, high liquidity and low advances to deposits ratio. Mashreq's capital adequacy ratio remained strong at 22.05 per cent with its tier one ratio at 15.44 per cent. The advances to deposit ratio continues to be a healthy at 80 per cent. - Emirates News Agency, WAM
