Business | Banking
Mashreq first half year net profit tops Dh1.17 billion
Mashreq Group, one of the UAE's financial institutions, announced impressive first half year results achieving profit of Dh1.17 billion, a growth of 22.6 per cent compared to Dh955.9 million for the same period last year.
- Staff Report
- Published: 16:23 July 28, 2008
Dubai: Mashreq Group, one of the UAE's financial institutions, announced impressive first half year results achieving profit of Dh1.17 billion, a growth of 22.6 per cent compared to Dh955.9 million for the same period last year.
The first half of 2008 has seen Mashreq post a profit of 706.8 million, which is 38.4 per cent higher than in the same period last year.
Total assets of the group reached Dh94 billion, up 33.2 per cent from Dh70.6 billion at end of June 2007.
Customer deposits reached Dh52.6 billion, representing an increase of 17 per cent over last year's deposits of Dh44.9 billion, whilst customer advances have grown by 57.7 per cent to Dh49.3 billion from Dh31.2 billion.
The growth in total assets contributed to a marked increase in net interest income, and income from Islamic products net of distribution to depositors at Dh895.7 million, compared to Dh536.8 million for the same period last year, registering a growth of 66.8 per cent.
Net fee, commission and other income also recorded an impressive growth of 44.4 per cent over last year. However, investment income reduced from Dh497 million to Dh287million mainly due to the widening of credit spreads and poor liquidity in the global and regional markets.
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