DOHA: Mashreq, the lead financial institution in the Middle East & North Africa with a strong presence in Qatar, has reported a 40 percent increase in net profit for the first half of 2013, climbing to AED828m as compared to AED591m in the first half of June 2012.
The bank’s total operating income for the period grew to AED2.3bn as compared to AED1.9bn a year earlier, an increase of 19.1 percent, driven by both net interest income and net fee and commission income
The bank’s net interest income in the first half ending June 2013 was up by 14.8 percent as compared to last year. On a quarter-to-quarter basis, the net interest income increased by 14.4 percent to reach AED556m in Q2 2013.
Mashreq’s best-in-class net fee, commission and other income to operating income ratio remained high at 53.8 percent led by 19.6 percent growth in net fee and commission income and a 45.2 percent growth in other income.
Earnings per share strengthened to AED4.90 in the first half of 2013 as compared to AED3.50 in June 2012.
Commenting on the financial results, AbdulAziz Al Ghurair, CEO of Mashreq, said: “Our robust bottom line growth of 40 percent was powered by a strong top line growth, perhaps the best indication of the rest of the year’s performance. We are pleased that the half yearly results are built on a solid performance by all parts of our bank — Corporate, Retail and the International divisions. After the deleveraging of the past two- three years, we are also pleased to report that our advances have grown handsomely.”
The Peninsula
