ABU DHABI // Mashreqbank, the country's fifth-largest bank by assets, Saturday announced net profits of Dh484 million (US$131.8m) in the first three months of the year, a 4.1 per cent increase compared with the same quarter last year. The bank attributed the modest gains to its strategic repositioning of assets and an increase in customer deposits. Abdul al Ghurair, the bank's chief executive, who is also Speaker of the Federal National Council, said: "Positive financial results, in addition to ongoing development of alliances both locally and regionally, reflect Mashreq's strength and soundness to maintain operations and accessible services even when the economic tide turns.
"Our main focus now is on our basic banking operation and further cementing our relationship with our clients and partners." Mashreq officials said the bank was diversifying its revenue stream to weather the impact of the global financial crisis. Net interest income increased by 18 per cent to Dh582m for the first quarter. Non-interest income, which comes from fees, commissions and investments, increased by 15 per cent to Dh645m.
The bank, which is the second-oldest in the UAE and one of two not owned in part by the Government, opened a head office in Cairo this year to go with its 10 branches in Egypt. Mashreq said Saturday it also planned to open four Mashreq Gold centres, which provide a comprehensive financial management service, this year as part of its expansion abroad. Last year, Mashreqbank saw profits decline by 13.6 per cent to Dh1.64 billion because of the global financial crisis and a scarcity of credit. Mr al Ghurair said at the time that this year would be a challenging year, with liquidity and capital management as the company's top priorities. @Email:bhope@thenational.ae
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The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Company%20Profile
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
Killing of Qassem Suleimani
Film: In Syria
Dir: Philippe Van Leeuw
Starring: Hiam Abbass, Diamand Bo Abboud, Mohsen Abbas and Juliette Navis
Verdict: Four stars
Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
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Elvis
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