Mashreqbank first quarter climbs 25pc

Compared to same period last year the bank's Total Assets rose a substantial 30.7 per cent to Dh49.9 billion. Loans and Advances increased by 43 percent and Customer Deposits grew by 53 per cent over last year.

Earnings per share climbed from Dh3.15 in first quarter 2005 to Dh3.95 this year, a 25 per cent increase.

Mashreqbank's CEO Abdul Aziz Al Ghurair said the results were in line with expectations following the record increases registered across the bank's business lines in 2005.

"The results for the first quarter denote a very solid performance on top of the exceptional results achieved last year,"

Al Ghurair reported.

In March, the bank increased the size of its European Medium Term Note (EMTN) programme from US$750 million to US$2 billion. The EMTN programme as well as the Floating Rate Notes (FRNs) issued under it have been listed on the DIFX. The third tranche of US$300 million was successfully issued under this programme in April.

During the first quarter the bank also established Masrheq Capital DIFC Ltd to trade securities listed in the DIFX. In addition Mashreq Securities, the brokerage arm of Mashreqbank, became member of Dubai Gold and Commodities Exchange (DGCX). Mashreq Securities can now conduct brokerage business in gold and commodities futures and also act as a market maker.

Also in the first quarter, Mashreqbank's Asset Management launched an open ended investment scheme "Makaseb Income Fund" providing income primarily through investment in a portfolio of fixed and floating rate securities in target markets.