Mashreq profits up 21pc to Dh1.35b

Mashreq CEO Abdul Aziz Al Ghurair noted the company's "consistent growth" in assets and revenue amidst the UAE's robust economy, and vowed to sustain Mashreq's growth.

"We will continue to maintain our market leadership and competitive position in the UAE by developing new lines of business and meeting and exceeding our customer needs," he said. In a statement, the company said that customer deposits rose by 37 per cent to Dh43.9 billion from Dh32 billion last year while customer advances grew to Dh36.3 billion, a 32-per cent increase from Dh27.6 billion.

It added that net interest income and income from Islamic products, net of distribution to depositors, was at Dh1.13 billion, a 40-per cent rise from Dh810 million for the same in 2006. Commission and other incomes grew by 31 per cent over last year. It stressed that Mashreq's sustained investment in human resources, infrastructure development and technology has jacked up expenses by 38 per cent from January to September compared to the first nine months in 2006.

"Continuing its prudent provisioning policy, Mashreq has set aside more than adequate general provisions which stands at 2 per cent to total loans," the statement said. Mashreq's financial division Badr Al Islami signed in August an agreement with Dubai Land Department for a trust account for real estate projects. Mashreq also launched the du bill payment services through its online banking and call centre channels.