Mashreqbank third quarter results climb 18 per cent

During the first nine months, the Group's Net Interest Income increased by 11.19 per cent to Dh555,562, while Commission Income went up by 14 per cent as compared to the same period in 2002. Costs grew by a nominal 3.55 per cent.

Loans and Advances at the end of the third quarter showed a growth of 13.77 per cent over September 2002 figures. During the same period, Total Assets increased by 8.03 per cent. Shareholders equity increased by 15.13 per cent over September last year to Dh3.7 billion.

Mashreqbank's CEO Abdul-Aziz Al-Ghurair stated that results were in line with projections and characterised the Group's overall performance as good. He added that the comparatively robust UAE and GCC economies along with innovative products and enhanced services had helped the bank maintain its strong growth.

Abdul Aziz Al Ghurair said that 2003 has been a good year so far for the UAE banking sector. "The year will produce good results as the UAE economy is doing well. The construction and real estate sectors in particular are booming and tourism and trade are also doing well. The fillip and prestige of hosting the IMF and World Bank summits will also help the conferences and exhibitions business, which has become a significant contributor to the economy," Al Ghurair added.

During the quarter Mashreqbank opened a new branch in Doha, its third in Qatar, and launched the first of its new concept in convenience banking, two offsite Customer Service Units (CSU) at the popular Sahara Centre in Sharjah and Lamcy Plaza in Dubai.

During the quarter the bank added to its list of firsts by becoming the first bank in the UAE to launch bankassurance products for corporates.

AL Ghurair said the third quarter was particularly gratifying for Mashreqbank as its leadership qualities were recognised by two prestigious international awards. In July Euromoney Magazine presented it with the Best Bank in the UAE Award for Excellence and in September it garnered the UAE Bank of the Year Award 2003 from The Banker magazine, a Financial Times publication.