The Mashreqbank Group's Net Profit for the first three-quarters of 2005 soared 101 per cent in comparison to the same period last year to reach over USD 273 million, 45 percent more than the whole of 2004.
 |
| Abdul-Aziz Al-Ghurair, CEO of Mashreqbank. |
The bank's earnings per share for the first nine months of 2005 also doubled, from USD 1.71 in 2004 to USD 3.44 this year.
To the end of September, Mashreqbank generated an Operating Income of USD 600 million, compared to USD 3.27 million in the first nine months of 2004. The bank's Non-Interest Income leapt by 157.1%. By keeping its growth in expenses to 19.4 per cent, the bank has also further improved its Cost Income ratio.
Abdul-Aziz Al-Ghurair, CEO of Mashreqbank, observed: "The rapid increase in the bank's non-interest income is a sign that our customers really appreciate our value-added services. Our strategy of investing in the latest technologies, like smart credit cards and sophisticated business management services, will continue to reap dividends well into the future."
According to independent research by the European Financial Management & Marketing Association (EFMA), Mashreqbank's cardholder base is growing by 65 per cent annually, far exceeding the overall market average of 15 per cent. At the recent EFMA 2005 Cards and Payments Conference & Expo held in Paris in September, Mashreqbank was awarded first prize in the prestigious Grand Prix 2005 for having the best credit card Rewards and Loyalty Program in the world.
The bank's Commercial Banking Business fared equally well in the period, particularly in construction and infrastructure projects. Among these was the Dubai Rapid Link Consortium for the Dubai Metro Project.
Abdul-Aziz Al-Ghurair expressed confidence in the continued growth of the economy into next year and beyond. "The soaring economy is seeing growth across all sectors. Underpinned by higher oil prices, the construction boom, buoyant stock exchanges and the massive influx of investment capital, this is driving growth in both the commercial and retail banking sectors," he concluded.
