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.”

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MENAFN2202201700450000ID1095262517

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