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Dubai: Mashreqbank Group Wednesday reported 4.5 per cent increase in its first quarter net profits to Dh465.3 million in 2008, up from Dh445 million in the same period last year, a company statement said.
Total assets reached Dh94.1 billion, up 52.6 per cent from Dh61.7 billion last year.
Customer deposits climbed to Dh46.9 billion, an increase of 28 per cent over last year of Dh36.7 billion, whilst customer advances rose 48 per cent to Dh43.3 billion from Dh29.3 billion.
Mashreq's chief executive officer Abdul Aziz Al Ghurair said: "We have started this year with strong growth plans and a strategy that further cements our position as a leading financial institution in the UAE. We remain focused on maintaining our competitive advantage, whilst continually developing innovative solutions that open access for customers in all areas of our business dealings."
The robust growth in total assets contributed to a marked increase in net interest income, and income from Islamic products net of distribution to depositors at Dh412 million, compared to Dh247 million for the same period last year, registering a growth of 67 per cent.
Net fee, commission and other income also recorded an impressive growth of 12.8 per cent over last year. However, investment income reduced from Dh244 million to Dh175 million mainly due widening of credit spreads and poor liquidity in the global and regional markets.
Mashreq continues to invest in human resources, infrastructure development and technology. This has resulted in the expenses for the first three months of 2008 being higher than same period last year by 32 per cent.
Continuing its prudent provisioning policy, Mashreq has set aside more than adequate provisions including General Provision of Dh115.7 million as compared to Dh99.87 million last year.
Badr Al Islami, the Islamic arm of Mashreq, launched four new business service centres, all of which are located in the heart of Mashreq branches.
Now, Badr Al Islami can be easily located in the BurJuman Centre, on Jumeirah Road in Dubai, at Khalifa Street in Abu Dhabi and on Rolla Street in Sharjah.
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