Arab Today, arab today mashreq bank makes profit rises 72
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Mashreq bank makes profit rises 7.2%

Arab Today, arab today

Arab Today, arab today Mashreq bank makes profit rises 7.2%

Abu Dhabi - Arabstoday

A leading UAE-based bank Mashreq, on Sunday reported a 7.2 per cent rise in net profit to Dh591 million for the first half of 2012 compared to Dh551 million for the same 2011 period on the back of a surge in revenue and net interest income. The net profit growth was also due to a significant fall in provisions in the first half. The bank said its ongoing strategic repositioning of its balance sheet led to a decline in provisions for bad loans by 45 per cent to Dh352 million from Dh637 million reported during 1st half in 2011. The efficiency ratio stood at 47.8 per cent. In the first half, the bank reported an operating income of Dh1.9 billion. Total assets witnessed a moderate decline of 3.5 per cent, reaching to Dh76.4 billion compared to Dh79.2 billion at the end of 2011. Loans and advances grew 5.1 per cent over the first six months of 2012 to record Dh39.6 billion compared to Dh37.7 billion at the end of 2011. In line with the bank’s strategy of rationalising its liability structure by shedding high cost deposits, total deposits fell by 3.8 per cent. Total customer deposits including Islamic deposits at the end of June 2012 stood at Dh43.7 billion. Loan growth, along with the shedding of high cost deposits, moved the loan-to-deposit ratio from 83 per cent in December 2011 to 91 per cent in June 2012. Liquid assets to total assets stood at 27 per cent with cash and due from banks at Dh20.7 billion as of 30th June 2012. AbdulAziz Al Ghurair, chief executive of Mashreq said the second quarter has seen a marked progress in performance. “Revenue and net interest income have both recorded an improvement over the first quarter, which reflects the increasing level of confidence in the UAE and regional economies.” “We look forward to building on the achievements of the first half while continuing to operate profitably and with prudence. This report demonstrates an increase of 18 per cent in net profit as compared to the first quarter which is a healthy sign and reflects on the bank’s rigorous commitment to the path to growth,” he said. The bank’s revenue increased by 2.2 per cent in the second quarter as compared to the first quarter to reach Dh958 million and net interest income increased by 6.4 per cent to Dh468 million. However, Mashreq’s total income during the first half reported Dh1.9 billion, representing a 12.4 per cent decline relative to the same period in 2011. The ratio of Mashreq’s best-in-class net fee, commission and other Income relative to operating income remained high at 52.1 per cent in the first half of 2012.The bank’s capital adequacy remained stable at 22.7 per cent, as compared to 22.6 per cent in December 2011, while its tier 1 capital ratio has improved to 16.6 per cent over the same period. The bank said its general and administrative expenses for the first half declined to Dh906 million, down 0.9 per cent compared to the same period in 2011.Earnings per share strengthened to Dh3.50 during the period, up from Dh3.26 in 2011. From : Khaleej times

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