Mashreq profits soar 85% in third quarter



Mashreq almost doubled profits in the third quarter as it notched up a year of steadily improving quarterly earnings and is looking increasingly like a turnaround story.

The Dubai bank reported an 85 per cent rise in net profits in the third quarter to Dh379.1 million. It was the fourth quarter of steadily improving earnings for Mashreq, which had until this year struggled to resume lending.

Total loans have increased 9.3 per cent to Dh35 billion this year until the end of September, reflecting above-trend credit growth.

Total UAE lending grew by 1.8 per cent to Dh1.09 trillion at the end of August, according to the latest data. Figures for last month were not available.

Mashreq stocks have fallen 39.8 per cent this year to Dh55 each, so it might look oversold in light of four straight quarters of growth.

However, investors may struggle to buy into the bank's stocks which are illiquid and have traded on just 12 days so far this year.

The bank's loan book has contracted by as much as 31.5 per cent since 2008 as it wound down bad debts and set aside capital to cover additional charges during each consecutive year.

With Dubai's economy recovering, profits are also expected to increase in the coming months, a Fitch Ratings report last month on the bank said.

"Revenue generation remains under pressure, due to the bank's past focus on de-risking and deleveraging," said the report. "Following the working through of some of its large problem loans combined with a change in strategy, Fitch expects core earnings to pick up from current levels, particularly as the operating environment is slightly improving."

Mashreq may enjoy something of a first-mover advantage among UAE banks for branching out into accounts denominated in the Chinese yuan this year.

However, it will have to focus on small to mid-sized companies since rivals such as HSBC, Standard Chartered and Industrial Commercial Bank of China will are likely to dominate lending to the big names.

But that might not matter as long as the Chinese small business segment is booming.

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

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Name: Almnssa
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Founder: Areej Selmi
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Milestones on the road to union

1970

October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar. 

December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.

1971

March 1:  Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.

July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.

July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.

August 6:  The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.

August 15: Bahrain becomes independent.

September 3: Qatar becomes independent.

November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.

November 29:  At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.

November 30: Despite  a power sharing agreement, Tehran takes full control of Abu Musa. 

November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties

December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.

December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.

December 9: UAE joins the United Nations.

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Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

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From: Wimbledon, London, UK

Education: Medical doctor

Hobbies: Travelling, meeting new people and cultures 

Favourite animals: All of them 

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Engine: 1.5-litre turbo

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VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

South Africa's T20 squad

Duminy (c), Behardien, Dala, De Villiers, Hendricks, Jonker, Klaasen (wkt), Miller, Morris, Paterson, Phangiso, Phehlukwayo, Shamsi, Smuts.

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The distance learning plan

Spring break will be from March 8 - 19

Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm

Staff will be trained in distance learning programmes from March 15 - 19

Teaching hours will be 8am to 2pm during distance learning

Pupils will return to school for normal lessons from April 5

Results
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if you go

The flights
Flydubai offers three daily direct flights to Sarajevo and, from June, a daily flight from Thessaloniki from Dubai. A return flight costs from Dhs1,905 including taxes.
The trip 
The Travel Scientists are the organisers of the Balkan Ride and several other rallies around the world. The 2018 running of this particular adventure will take place from August 3-11, once again starting in Sarajevo and ending a week later in Thessaloniki. If you’re driving your own vehicle, then entry start from €880 (Dhs 3,900) per person including all accommodation along the route. Contact the Travel Scientists if you wish to hire one of their vehicles. 

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