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Mashreqbank Group profit climbs 22.3pc

To the end of last month, the group generated an operating income of Dh1,208 million, compared to Dh981 million in the same period of 2003. Growth in non-interest income was over 36 per cent while net interest income grew by 13 per cent.

A slower growth in expenses at 14 per cent helped to improve the bank's cost income ratio to 35.6 per cent, as compared to 38.3 per cent last year. Earnings per share for the first nine months of this grew 11 per cent to Dh6.89.

According to Abdul-Aziz Al-Ghurair, chief executive officer of Mashreqbank, higher oil prices and sustained growth in many sectors, especially construction, is having a knock-on effect which is driving growth across the wider economy resulting in improved performances in both commercial and retail banking.

He expressed confidence in the continued growth of the economy to the end of the year and beyond. “Steps towards creating a credit rating agency and the opening of the Dubai International Financial Centre will all help to contribute to sustained growth. The UAE’s increasingly robust economy offers tremendous potential for growth across all sectors, and when businesses do well, so do financial institutions,” he said.