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26642
Sun, 10/26/2008 - 14:42
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https://oananews.org//node/26642
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Mashreq nine-month profits rise 12.3%
Mashreq Group, a leading financial institution, said its nine-month profits increased 12.3 per cent to Dh1.5 billion compared to Dh1.3bn for the same period last year according to a report in Emirates Business 24|7.
The group's total assets rose 26.7 per cent to Dh94bn against Dh74.2bn. Customer deposits totalled Dh51.7bn, representing an increase of 17.7 per cent over last year's Dh43.9bn, whilst customer advances grew 59.8 per cent Dh35.1bn to Dh56.1bn.
"The UAE banking sector remains resilient. Mashreq enjoys a long history of more than 41 years of trust of customers in the UAE. As the results shows, Mashreq is in a very healthy status. We are committed to our expansion plans locally and regionally. The 2009 plan includes opening 12 new branches in the UAE and 10 new branches in Egypt," CEO Abdul Aziz Al Ghurair said.
The growth in total assets contributed to a marked increase in net interest income, and income from Islamic products net of distribution to depositors at Dh1.431bn, compared to Dh852 million, a growth of 67.9 per cent.
Net fee, commission and other income also recorded an impressive growth of 43 per cent over last year. However, investment income reduced from Dh553m to Dh75m mainly due to the decline in valuations and poor liquidity in the global and regional markets.
Total operating income increased 23.8 per cent to Dh3.2bn against Dh2.6bn.
For the third quarter of 2008, net interest income increased 70 per cent, while the net fee commission and other income and operating income showed 40 per cent increase over the third quarter last year.
The operating income went up by 14 per cent as compared to same period last year. However due to decline in Investment income the net profit of third quarter of 2008 is Dh346m, a drop of 12.5 per cent for the same period in 2007.
Mashreq continues to invest in human resources, infrastructure development and technology, resulting 35 per cent rise in costs in the first six months of this year. Since the start of the year, Mashreq opened seven new branches taking the total number of UAE outlets to 54.
Badr Al Islami, the Islamic arm of Mashreq, opened two outlets located in Dubai and plans to open more 11 Badr centres by the end of this year.
The group's total assets rose 26.7 per cent to Dh94bn against Dh74.2bn. Customer deposits totalled Dh51.7bn, representing an increase of 17.7 per cent over last year's Dh43.9bn, whilst customer advances grew 59.8 per cent Dh35.1bn to Dh56.1bn.
"The UAE banking sector remains resilient. Mashreq enjoys a long history of more than 41 years of trust of customers in the UAE. As the results shows, Mashreq is in a very healthy status. We are committed to our expansion plans locally and regionally. The 2009 plan includes opening 12 new branches in the UAE and 10 new branches in Egypt," CEO Abdul Aziz Al Ghurair said.
The growth in total assets contributed to a marked increase in net interest income, and income from Islamic products net of distribution to depositors at Dh1.431bn, compared to Dh852 million, a growth of 67.9 per cent.
Net fee, commission and other income also recorded an impressive growth of 43 per cent over last year. However, investment income reduced from Dh553m to Dh75m mainly due to the decline in valuations and poor liquidity in the global and regional markets.
Total operating income increased 23.8 per cent to Dh3.2bn against Dh2.6bn.
For the third quarter of 2008, net interest income increased 70 per cent, while the net fee commission and other income and operating income showed 40 per cent increase over the third quarter last year.
The operating income went up by 14 per cent as compared to same period last year. However due to decline in Investment income the net profit of third quarter of 2008 is Dh346m, a drop of 12.5 per cent for the same period in 2007.
Mashreq continues to invest in human resources, infrastructure development and technology, resulting 35 per cent rise in costs in the first six months of this year. Since the start of the year, Mashreq opened seven new branches taking the total number of UAE outlets to 54.
Badr Al Islami, the Islamic arm of Mashreq, opened two outlets located in Dubai and plans to open more 11 Badr centres by the end of this year.
