Al Masraf profit up 7% to Dh433m on strong loan growth

22/02/2017 05:56 AST

The Arab Bank for Investment and Foreign Trade (Al Masraf) recorded a net profit of Dh433 million in 2016, up 7 per cent compared to the Dh405 million reported in 2015.

The bank’s operating profit also rose by 7 per cent to Dh694 million. Profit growth was supported by strong growth in loans, which grew 12 per cent to Dh10.54 billion in 2016. In 2016, deposits increased by 12 per cent to reach Dh10.72 billion, while the assets jumped to Dh17.8 billion with a growth of 18 per cent over the previous year.

The capital adequacy ratio of Al Masraf stands at 23.9 per cent.

“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.” said Mohammad M. Bin Yousuf, chairman of Al Masraf.

The bank expects to continue its strong performance in 2017. It plans to launch new products this year to attract more customers and deposits, and will continue implementing the strategic three-year plan, as well as working on the development of digital services through the harnessing of the latest banking systems and the transformation of its branches into digital branches. It will also upgrade its ATMs.

“The bank will open two new branches during 2017, one in Mussafah in Abu Dhabi and the other on Dubai’s Shaikh Zayed Road, and it will continue to develop its human resources through training and investing in national human resources, expecting an Emiratisation rate of more than 35 per cent by the end of the year,” said Faisal Galadari, CEO of Al Masraf.

Gulfnews