Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Mashreq bank profit surges 40  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/07/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last year. It maintained the momentum of the first quarter.

Total operating income for the first half of 2014 grew to Dh2.9 billion an increase of 26.4 per cent compared to a year earlier driven by both net interest income and net fee and commission income the bank said in a statement.

AbdulAziz Al Ghurair Mashreq’s CEO said the first half results underscored the fact that the bank is steaming ahead to a record year in a sustained manner recording both top and bottom line growth because of equally strong performances from the corporate retail and international divisions.

“This performance has been made possible by putting our long held philosophy of customer-centricity to work allowing people to recognise that we are more than just a bank we are a financial partner providing them with the banking solutions they need for all aspects of their lives” Al Ghurair.

“Seeing how the UAE economy is picking up speed we believe that this is the time when banks that will benefit the most will be those who are genuinely committed to putting their customers first and investing in the innovative platforms needed by the smart banking public in our market” he said.

Net interest income at the end of June 2014 was up by 38.1 per cent compared to a year earlier driven by 11 per cent year-on-year increase in loan volume and 33 bps improvement in net interest margin from 2.7 per cent in June 2013 to three per cent this year which was predominantly led by change in balance sheet structure and composition of loans.

The bank’s net fee commission and other income to operating income ratio remained high at 49.5 per cent led by a 25.7 per cent growth in net fee and commission income and 30.4 per cent growth in net investment income over first half of last year the statement said. General and administrative expenses for the period increased by 5.4 per cent compared to a year earlier to reach Dh1.1 billion; However Mashreq’s efficiency ratio improved by 7.4 per cent on a year-on-year basis to reach 37.2 per cent at the end of June 2014.

Earnings per share strengthened to Dh6.86 at the end of June this year compared to Dh4.90 a year earlier.

Asset quality continued to improve as non-performing loans to gross loans ratio reduced from 6 per cent in December 2013 to 5.7 per cent at the end of June 2014. Mashreq’s allowances for impairment net for H1 2014 was Dh556 million and total provisions for loans and advances reached Dh3.6 billion constituting 105 per cent coverage for non-performing loans as on June 30 2014.

Mashreq’s capital adequacy ratio and tier 1 capital ratio continue to be higher than the regulatory limit and stood at 16.1 per cent and 14.7 per cent respectively at the end of June 2014.

Total assets of the bank increased by 15.9 per cent to reach Dh103.9 billion in June 2014 compared to Dh89.7 billion at the end of 2013. Liquid assets to total assets stood at 29 per cent with Cash and Due from Banks at Dh30.5 billion at the end of the first six months. Loans and advances grew by 11 per cent during the first half of 2014 to reach Dh56 billion compared to Dh50.4 billion at the end of December 2013. Customer Deposits increased by 20.7 per cent during the same period to stand at Dh70.6 billion at the end of June 2014.

The bank said its loan-to-deposit and loan-to-total assets ratio stood at 79 per cent and 54 per cent respectively at the end of June 2014. — issacjohnkhaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Jul 2 2015 - OIC condemns terrorist attacks in SinaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Organisation of Islamic Cooperation, OIC, has condemned the terrorist attacks on military checkpoints in Northern Sinai, Egypt, on Wednesday, which resulted ...

 Jul 2 2015 - Ajman Ruler, Crown Prince receive more Ramadan greetingsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, last night received Sultan bin Saeed Al Mansouri, Minister of Economy, and ...

 Jul 2 2015 - UAE- Department of Tourism and Commerce Marketing hosts English-Language lecture on SundayEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The ongoing lecture series hosted as part of the activities of the 14th Dubai Ramadan Forum, organised by the Department of Tourism and Commerce Marketing, DTCM, ...

 Jul 2 2015 - UAE Embassy in Senegal distributes 800 food packagesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Senegal has overseen the process of distributing 800 food packages to needy families in Gambia, provided by the Khalifa bin Zayed Al Nahyan ...

 Jul 2 2015 - Dubai launches "Health of the Fasting" campaign as part of Ramadan ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) As part of the activities of the 14th Dubai Ramadan Forum, Dubai yesterday launched the 'Health of the Fasting' awareness programme, providing free medical ...

 Jul 2 2015 - President, VP, Mohamed bin Zayed send greetings to Governor-General of CanadaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to David Johnston, Governor-General of Canada, on the occasion of his ...

 Jul 2 2015 - UAE Embassy oversees implementation of Iftar Project in Thailand and CambodiaEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The UAE Embassy in Thailand has overseen the implementation of the Iftar project in Thailand and Cambodia. The Iftar project is implemented by the Khalifa bin ...

 Jul 2 2015 - UAE- NEC begins media accreditation process for coverage of FNC 2015 ElectionsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The National Election Committee has opened the accreditation process for media representatives who will be covering the Federal National Council, FNC, Elections ...

 Jul 2 2015 - DEWA introduces Al Namoos service for consultants and contractors to connect up to 150KW within 10 daysEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Electricity and Water Authority, DEWA, has launched its Al Namoos, an Emirati word that describes a race winner, service. This latest initiative, ...

 Jul 2 2015 - Dubai Silicon Oasis and SAP Training and Development Institute join hands to support tech start-upsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, yesterday signed a sponsorship ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help