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Mashreq Posts AED 628 Mn Net Profit For 1Q 2019 |
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Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first quarter ending 31st March 2019. Key highlights [1Q 2019 vs 1Q 2018]:
Net profit for 1Q 2019 stood at AED 628 million - a 5.0% increase YoY
Mashreq’s best-in-class non-interest income to operating income ratio remained high at 40.4%
Total Assets grew by 1.2% to AED 141.7 billion while Loans and Advances increased by 0.9% to reach AED 69.9 billion as compared to December 2018 Customer Deposits fell by 3.1% in the quarter to reach AED 80.6 billion Loan-to-Deposit ratio remained robust at 86.6% at the end of March 2019
Liquid Assets ratio stood at 33.2% with Cash and Due from Banks at AED 44.0 billion as on March 2019
Non-Performing Loans to Gross Loans ratio was 3.6% at the end of March 2019 Mashreq's CEO, H.E. AbdulAziz Al Ghurair, said: “Mashreq’s constant push for innovation and our commitment to being a customer focused bank has yet again manifested itself in a solid set of financial results for the first quarter of 2019. I am pleased to announce that we have posted growth in both our revenue and net profit over the recorded period. Our innovation, is driven by a singular consideration: to improve the banking experience for our customers. To achieve this, we have invested a significant amount of effort and resources to ensure that all our key products are designed with the sole intention of improving the customer journey. Our customers are the focal point of our strategy and that will continue to remain the case as we look to take banking to the next level in the region. This ambition is the cornerstone of our recent branch transformation strategy. We are determined to make banking simpler and give our customers the products and services that best serve their needs. As part of this initiative we are currently in the process of transforming a number of our branches to improve efficiency, optimize performance, but more importantly, provide a bespoke experience to our customers. As we look to the exciting future that lies ahead, Mashreq has further strengthened its footprint in the FinTech space by partnering with the startupbootcamp at the DIFC FinTech Hive. This partnership will allow us to have access to, and collaborate with, some of the most innovative FinTech companies around. “ Al Ghurair concluded, “That said, our customers and our people, continue to be our strength and a source of inspiration. We are convinced that this is what will enable us to forge a path to greater success and make Mashreq the preferred financial institution of the UAE.” Exhibits: 1Q 2019 Awards: World's Best Bank Awards from Global Finance
The Asian Banker Award
Business Leader of the Year Award
CXO 50 2019
CIO 100 Award 2019
UAE Innovation Award EMEA Finance
IFN Awards
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