UAE-based Mashreqbank, one of UAE’s leading financial institution, has reported a net income of AED511.59m, or earnings per share of AED3.01, for the first quarter ended March 31, 2009, compared to AED506.13m, or earnings per share of AED2.89, for the same quarter of 2008.
For the first quarter of 2009, net interest income and income from Islamic products net of distribution to depositors is AED580.98m, compared to AED412.12m for the same quarter of 2008.
According to the company, operating income for the first quarter of 2009 was AED1.23 billion, compared to AED1.05 billion for the same quarter of 2008. Income before taxes for the fist quarter of 2009 was AED514.78m, compared to AED509.84m in the same quarter of 2008.
In view of the current economic situation, Mashreq has increased its loan loss reserves enhancing the charge for the quarter to AED 232m. With this the provisions held for impaired specific advances along with General Provision for performing advances reached AED 1.28 billion providing 264% coverage to non-performing portfolio.
Total assets of the company as of March 31, 2009 were AED90.66 billion, compared to AED93.24 billion as of December 31, 2008.
Mashreq claims to be the largest private bank in the United Arab Emirates (UAE) with a growing retail presence in the region including Egypt, Qatar and Bahrain.
