The Abu Dhabi-based Middle East Bank (MEB) reported a net profit of 72.45 million Emirati dirhams ($19.7 million) for the year 2001, compared to the Dh66.3 million earned in 2000, a 9.4 percent profit rise.
During the bank’s 25th annual general meeting, MEB board of directors approved a cash dividend of five percent of the paid share capital (five Dh per share) for the year 2001, disclosed the bank’s audited financial statement. This would amount to a payout of Dh25 million, similar to that issued in 2000.
The bank's assets totaled Dh2.47 billion in 2001, up two percent from the Dh2.42 billion registered last year. Customer deposit declined six percent to Dh1.45 billion. The Emirates Bank Group (EBG) acquired a controlling interest in the Middle East Bank in 1991. MEB currently operates 12 branches United Arab Emirates (UAE). — (menareport.com)
© 2002 Mena Report (www.menareport.com)
