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Mon 21 Jan 2019 08:07 PM

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Dubai's Mashreq says 2018 net profit stable at $570m

Mashreq CEO, Abdul Aziz Al Ghurair, says 2018 'was a difficult year' due to market fluctuations

Dubai's Mashreq says 2018 net profit stable at $570m
Mashreq's CEO, Abdul Aziz Al Ghurair.

Mashreq, one of Dubai's largest banks, on Monday said net profits stood at AED2.1 billion ($570 million) for 2018, a 0.4 percent increase on the previous year.

Total assets grew by 11.8 percent to AED139.9 billion while loans and advances increased by 10.4 percent to reach AED69.3 billion.

The bank said customer deposits grew by 9.4 percent in the year to reach AED83.2 billion while its loan-to-deposit ratio remained robust at 83.2 percent at the end of December.

Mashreq said its non-performing loans to gross loans ratio increased slightly to 3.1 percent at the end of December.

Mashreq's CEO, Abdul Aziz Al Ghurair, said: “2018 was a difficult year due to market fluctuations, however we rose to the challenge and managed to sustain our revenues. Much of this can be attributed to the bank’s focus on strategically acquiring good assets and growing the loan portfolio, whilst increasing its funding base.”

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