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FINANCIAL NEWS
Al Masraf reports profits growth up to 7% due to loan growth
22 Feb 2017
(MENAFN) The Emirati Arab Bank for Investment and Foreign Trade, Al Masraf, recorded a net profit of DH433 mln in 2016, up 7% comparing to the DH405 mln reported in 2015.
Overall, the bank’s operating profit also grew by 7% to DH694 mln, as profit growth was supported by strong growth in loans which grew 12% in 2016.
In 2016, however, deposits increased by 12% to reach DH10.72 bln, while the assets jumped to DH17.8 bln a growth of 18% over the previous period.
Mohammad M. Bin Yousuf, chairman of Al Masraf said: “We are pleased with the strong financial performance of 2016. We succeeded to achieve positive results despite the strong competition within the local banking market and the regional and global markets.”
MENAFN2202201700450000ID1095262517
MENAFN2202201700450000ID1095262517
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