Customer lending pushes profits up at British Bank

06 March 1998
FINANCE

Attributable profit at The British Bank of the Middle East (BritishBank) rose by 27 per cent to £79 million ($129.3 million), the bank announced in Dubai on 23 February.

The bank reported that higher-yield customer lending grew strongly, particularly in the UAE, Oman and Qatar, resulting in a 17 per cent rise in net interest income to £143 million ($234 million). Other operating income increased by 22 per cent to £71 million ($116 million).

Total assets were up by 28 per cent to £4,365 million ($7,144 million), while customer lending increased by 27 per cent to £3,486 million ($5,705 million).

The bank reported that its cost-to-income ratio fell to 42.1 per cent from the previous 47.2 per cent, while the return on average shareholders' equity rose to 37.4 per cent from 35 per cent. HSBC Holdings, of which BritishBank is a member, reported attributable profit up 8 per cent at £3,355 million ($5,490 million).

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