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Mon 3 Feb 2020 04:15 PM

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Dubai's Mashreq posts $570m net profit for full-year 2019

Banking major says it saw significant increase in investment income as total assets rise by nearly 12%

Dubai's Mashreq posts $570m net profit for full-year 2019

Dubai banking major Mashreq on Monday reported AED2.1 billion ($570 million) net profit for 2019, on a par with the previous year.

The bank said it saw a significant growth in investment income, up from AED27 million to AED150 million while total assets grew by 11.8 percent to AED159.4 billion and loans and advances increased by 10 percent to reach AED76.2 billion.

Customer deposits grew by 9.3 percent during the year to reach AED91 billion while the ratio of non-performing loans to gross loans stood at 3.6 percent.

Mashreq's CEO, Ahmed Abdelaal, said: “Mashreq Bank continued to register strong performance and achieved a healthy net profit... All of our businesses performed well.

"During 2019 we invested in, and executed, several digitization initiatives which will enable us to improve productivity, achieve cost efficiencies, enhance customer experience and unlock further value across our businesses."

He added: "The banking industry is evolving at a rapid pace and our clients, shareholders and regulators have a high expectation from banks to offer quick and real time services. This offers significant opportunities for banks such as Mashreq to capitalise on.”

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