Mashreqbank wins UAE Bank of the Year accolade from The Banker magazine

The award, presented at a ceremony held in London's prestigious Dorchester Hotel, honours Mashreqbank for its growth and performance in terms of capital, assets and return on equity. It also acknowledges Mashreqbank's banking strategy, structure and technology, and how these have equipped it for future developments in the market. This follows similar recognition of the bank's achievements by Euromoney magazine, which last month presented Mashreqbank with its Best Bank in the UAE Award for Excellence.

"Mashreqbank is delighted to be recognised in this way by The Banker magazine, which is a trusted source of global financial intelligence," said Abdul Aziz Al Ghurair, CEO of Mashreqbank. "Given its exclusive bank listings and banking news coverage, The Banker is ideally positioned to bring its global perspective to evaluating the performance of financial institutions around the world."

Stephen Timewell, editor-in-chief of The Banker, said "Mashreqbank's achievement is all the more rewarding considering the incredible number and quality of entries we received, as well as the difficult market conditions the industry has faced over the past year."

In its report on the reasons for its decision, The Banker highlighted Mashreqbank's consistently strong financial performance, which saw its net profit increase by 24 per cent in 2002. Last year it also lifted its return on equity (ROE) to 17 per cent, up from 15 per cent a year earlier, the report said.

As part of its three-year strategic plan Mashreqbank continued its regional expansion in Qatar and increased its non-interest income in the areas of project finance, asset management, bankassurance and credit cards. Mashreqbank also greatly improved its credit risk management and its tier one capital rose 10 per cent, further strengthening the bank's balance sheet.

The report also noted that during 2002 Mashreqbank enhanced its Internet banking product, which led to a 20 per cent increase in usage.

"The UAE banking sector is very robust thanks to the healthy economy," said Abdul Aziz Al Ghurair. "We are proud to play an active part in the Nation's continuing growth and prosperity,".

"We strive for excellence and it is rewarding to have been recognised by such a reputable authority as The Banker. However, most thanks for this achievement must go to our customers who put their trust in us, and our staff who make it happen on a day to day basis, this is their achievement," concluded the CEO.