Browse
related articles
Funded income grows by 54%
Net interest income at Dhs185m increased by 54% compared with 31st March 2007. This was due to growth in the Small Business, Mortgage finance and Credit Card portfolios.
Loans and advances ended the quarter at Dhs9.1bn an increase of 8% over 31 December 2007 and an increase of 24% compared to the 31st March 2007.
The Personal Banking portfolio continued to grow during the quarter in line with targeted expansion. The mortgage loan portfolio saw an increase of 7% over December 2007.
The bank's total equity increased to Dhs1.65bn whilst the annualised ROE (Return on Equity) increased to 35%.
Fee, commission and other income grows by 44%
Fee, commission and other income at Dhs117m was 44% up on 31 March 2007. The Bank continues with its strategy of enhancing fee income by providing quality service to its customers.
The Bank continues to invest in product development, technology and other delivery channels and remains in the forefront of Emiritisation in the banking industry.
Assets & liabilities
Total assets as at 31st March 2008 were Dhs11.8bn, a 7% increase over 31st December 2007 (Dhs10.97bn). This resulted mainly from the growth in net loans and advances by Dhs680m.
The growth in the asset book has been supported by a combination of increases in customer deposits and shareholders' equity. Customer deposits were up by Dhs600m from 31st December 2007 as a result of increases in term deposits.
The Bank's liquidity position continues to be strong. The capital adequacy ratio at the end of current quarter stood at 16%, against a minimum of 10% as prescribed by the Central Bank.
Ratings
The current ratings are detailed below:
Rating Agency /Deposits / Financial Strength / Outlook Support
Moody's
Baa1 / P-2
D+
Fitch
A-/ F2
Stable
1
Capital Intelligence
BBB+/ A2
BBB+
Stable
3
Posted by Lara Lynn Golden, News Editor
