Mashreqbank posts increased first half net

First half net profit of Dhs270 million represents 18.4% year on year increase.

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By  David Ingham Published  July 19, 2003

Mashreqbank has posted net profit of Dh270 million for the first half of 2003. This represents an 18.4% increase over the same period last year.

Operating income, which includes interest, commission and fee income, increased 11.3% year on year. Total assets increased 7% year on year.

Advances to customers increased 26% year on year, deposits by 8% and shareholder funds by 14%.

First half developments included the launch of a points for air miles program with Lufthansa and the introduction of a co-branded credit card with consumer electronics giant, Samsung. The bank rolled out 35 investment products in the first six months and launched a ‘Japan Desk’ in partnership with Mizuho Corporate Bank Ltd. of Japan.

The bank’s CEO, Abdul Aziz Al Ghurair, is confident that second half performance will continue to be strong.

“The year will produce good results as the UAE economy is doing well and there are numerous new business opportunities opening up,” he said. “Construction, real estate, tourism and trade are doing particularly well and there is improved business confidence since the Iraq situation has stabilised.”

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