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Mashreq profits up 21pc to Dh1.35b

DUBAI — Mashreqbank Group posted profits of Dh1.35 billion during the first nine months, a 21 per cent rise over Dh1.11 billion recorded for the same period in 2006, while assets were up by 45 per cent to Dh74.2 billion from last year.

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.