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Dubai: The mashreq Group reported a Dh1.9 billion net profit for 2007, up 21 per cent compared to the net profit of Dh1.57 billion in 2006.
The total assets grew by 54.4 per cent to Dh87.6 billion in 2007 compared to Dh56.7 billion the previous year.
Loans and advances including Islamic financing went up by 29.3 per cent from Dh28.7 billion to Dh37.1 billion while customer deposits increased from Dh34.7 billion to Dh48.3 billion - a growth of 39.2 per cent.
The fast growth of deposits led to an improved advance to deposit ratio of 76.8 per cent as compared to 82.7 per cent in 2006, the bank said in a statement.
"Throughout 2007, mashreq continued to lead the way for its customers - offering innovation; simplicity and transparency in all its areas of business. By following this strategy we have not only ended the year maintaining our competitive position in the UAE, we have also led the way in many areas of the banking world," said mashreq's CEO Abdul Aziz Al Ghurair.
The robust growth in total assets contributed to a marked increase in net tnterest income including interest on trading debt securities, with this figure reaching Dh1.59 billion - a growth of 42 per cent over last year. Non-interest income went up by 32.5 per cent to Dh2.3 billion as compared to Dh1.7 billion last year.
The Group's operating income increased reached an all-time high of Dh3.85 billion, a rise of 36.2 per cent over the Dh2.83 billion in 2006.
The Group's Oman Insurance Company had a particularly good year and contributed to the operating income growth of the group.
While the total operating expenses increased 36.7 per cent from Dh1 billion in 2006 to Dh1.4 billion in 2007, earnings per share improved from Dh13.95 in 2006 to Dh16.88 in 2007.
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