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Mashreq’s Net Profit Rises

Its first quarter earnings were also four times more than its net profit 
of Dh120 million from the last quarter of 2008.

The Dubai-based bank said its 
operating income during the period went up by 16.4 per cent from last year to Dh1.22 billion. The bank said its total re-stated assets as a result of the global financial crisis, was brought down to Dh90.66 billion from Dh93.2 billion at end of 2008. Customer deposits edged up by 6 per cent to Dh54.5 billion.

“The UAE banking sector remains resilient in the face of the international financial crises. Positive financial results, in addition to ongoing development of alliances both locally and regionally, reflect Mashreq’s strength and soundness to maintain operations and accessible services even when the economic tide turns. Our main focus now is on our basic banking operation and further cementing our relationship with our clients and partners,” 
Abdul Aziz Al Ghurair, Chief 
Executive Officer of Mashreq said in a statement.

Mashreq said its net interest income surged by 18 per cent to Dh582 million compared to Dh493 million for the same period last year, while non-interest income such as fees and commissions, rose by 15 per cent to Dh645 million from Dh561 million.

Mashreq said it provided a 264 per cent coverage of non-performing portfolio which reached Dh1.28 billion during the quarter.

Recently, Mashreq launched its retail operations at its new head office in Cairo with a capital of $100 million. The bank is also planning to add four Mashreq Gold centers for the remainder of 2009.

· rocel@khaleejtimes.com