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Wed 18 Jul 2018 08:14 PM

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Dubai's Mashreq posts 5.2% rise in H1 net profit

Mashreq CEO, AbdulAziz Al Ghurair, says confident of future growth on back of increased digital capabilities

Dubai's Mashreq posts 5.2% rise in H1 net profit

Dubai-based Mashreq Bank on Wednesday posted a 5.2 percent increase in net profit to AED1.2 billion for the first half of 2018 compared to the year-earlier period.

Operating ncome was up by 3.7 percent at AED3.1 billion while total assets increased by 1.4 perxent in the year to AED127 billion and loans and advances increased by 7.9 percent to AED67.7 billion compared to December 2017.

Customer deposits increased 2.3 percent to AED77.8 billion and the bank's loan-to-deposit ratio remained robust at 87 percent at the end of June.

Mashreq's CEO, AbdulAziz Al Ghurair, said: “Mashreq’s innovation-led transformation strategy implemented in the past year has resulted in a solid set of financial results for the first half of 2018.

"Our balance sheet shows healthy liquidity and capitalization  metrics, well above the required regulatory standards. Our prudent risk management approach has also resulted in our provisions now covering 179.1 percent of non-performing loans.

"With the UAE banking sector continuing to grow on the back of improved economic growth in 2018, we are optimistic of a growth rate aligned to the market, and going forward, are focused on achieving this via increased digital capabilities."

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