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Mashreq Posts AED 2.1 Bn Net Profit For 2018 |
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Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the year ending 31st December 2018. Key highlights [2018 vs 2017]:
Net profit for YE 2018 stood at AED 2.1 billion - a 0.4% increase YoY Impairment Allowance down by 17.3% YoY
Mashreq’s best-in-class non-interest income to operating income ratio remained high at 38.7% Insurance, FX & Other Income is up by 10.7% YoY
Total Assets grew by 11.8% to AED 139.9 billion while Loans and Advances increased by 10.4% to reach AED 69.3 billion as compared to December 2017
Liquid Assets ratio stood at 33.2% with Cash and Due from Banks at AED 43.2 billion as on December 2018
Non-Performing Loans to Gross Loans ratio increased slightly to 3.1% at the end of December 2018 Mashreq's CEO, H.E. Abdul Aziz Al Ghurair, said:, “2018 was a year of further innovation at Mashreq. We are employing the latest technology and with this digital enablement we are re-imagining customer journeys to ensure they are smoother and better than ever. Furthermore, we are well on our journey of change and our agile transformation continues; we are working to expand it across other units.” “As all of you are aware, 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. Improved risk management helped us reduce our Impairment Allowance by 17.3% year-on-year and what also helps is our strong liquidity and capital position, which enables us to seek and capitalize on future growth opportunities.” Al Ghurair concluded, “Finally, it gives me great pleasure to inform you that Mashreq has been awarded the Gallup Great Workplace Award for a fifth year in succession. The importance of this achievement cannot be understated as only 39 organizations across the globe received this prestigious award in 2018. This recognition makes me proud to lead a company that has firmly established itself as a truly innovative and elite workplace.” Exhibits: YE 2018 Awards: Global Banking & Finance Awards
EMEA Finance - Middle East Banking Awards 2018
Islamic Banking & Finance Awards 2018
Network World Innovation Award
F5 Networks
FinX awards
Khaleej Times - DIGITRANS 2018
IDC FinTech Real Results award granted by IDC Financial Insights
Global Brand Awards 2018
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