Arab Today, arab today mashreqbank reports 61 increase in profit
Last Updated : GMT 17:51:52
Arab Today, arab today
Arab Today, arab today

Mashreqbank reports 61% increase in profit

Arab Today, arab today

Arab Today, arab today Mashreqbank reports 61% increase in profit

Dubai - Arabstoday

Mashreq on Sunday declared a strong 61 per cent surge in net profit for the financial year 2012 as incomes from fee and investment increased significantly and the bank also proposed a 38 per cent cash dividend for its shareholders. The Dubai-based bank reported a net profit of Dh1.3 billion for the year ended December 31, 2012 compared to Dh808 million it earned in the previous year. Earnings per share increased from Dh4.85 in 2011 to Dh7.76 in 2012. “2012 has been a watershed year, both for the UAE economy at large and the bank. Mashreq has made an impressive showing on all the essential performance parameters — operating income, net profit and in the reduction of provisions,” Mashreq chief executive officer Abdul Aziz Al Ghurair said. The bank’s total operating income reached Dh4.1 billion, reflecting a 5.5 per cent increase over 2011. While operating income of the fourth quarter 2012 increased by 29.4 compared to same period in previous year. The bank said annual increase in record profit is on the back of fee income and investment income. Net fee and commission income recorded a growth of 20.8 per cent as compared to 2011 while investment income for 2012 climbed by 131.6 per cent. Mashreq’s net fee, commission and other income to operating income ratio further improved from 49.8 per cent in 2011 to a high of 53.4 per cent in 2012. “The Mashreq results in 2012… demonstrate the tremendous success achieved by our long term strategy of commitment to customer centricity and staying at the leading edge of banking innovation,” Al Ghurair added. The bank’s provisions for loans and advances decreased by 31 per cent to Dh826 million at the end of 2012, compared to 2011. Its efficiency ratio improved to 45.4 per cent by the end of the year. While capital adequacy stands at a healthy 19.3 per cent in 2012, while Tier 1 capital ratio improved to reach 17.2 per cent at year-end. General and administrative expenses increased by 3.4 per cent over 2011 to reach Dh1.9 billion. Total assets decline by 3.6 per cent reaching Dh76.4 billion compared to Dh79.2 billion at the end of 2011. Liquid assets to total assets stood at 27 per cent at the end of 2012, with cash and due from banks at Dh20.9 billion. Loans and advances grew by 9.9 per cent in 2012 to reach Dh41.4 billion at year end, compared to Dh37.7 billion at the end of 2011. From Khaleej Times

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