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Mashreq Posts AED 1.2 Bn Net Profit For 1H 2019 |
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Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first half ending 30th June 2019. Key highlights [1H 2019 vs 1H 2018]:
Net profit for 1H 2019 stood at AED 1.2 billion - a 5.2% increase YoY
Mashreq’s best-in-class non-interest income to operating income ratio remained high at 39.8%
Liquid Assets ratio stood at 29.2% with Cash and Due from Banks at AED 37.1 billion as on 30th June 2019
Though total assets decreased slightly by 2.5% to AED 136.4 billion, Loans and Advances increased by 2.1% during the year to reach AED 70.7 billion
Non-Performing Loans to Gross Loans ratio declined slightly to 3.5% at the end of June 2019 Mashreq's CEO, H.E. Abdul Aziz Al Ghurair, said: “I am delighted to announce that Mashreq Bank has yet again posted a healthy net profit at the close of 1H of 2019, and we have registered a year on year increase of 5.2% in net profits. Our impairment allowance is down and we continue to command the best-in-class non-interest income ratio. This is testament to our teams’ constant drive towards innovation alongside developing new strategies and products that steadily place us at the forefront of the banking industry in the region. Our Loan-to-Deposit ratio remained robust as of the end of Q2 of 2019. I am confident we will maintain our strong position as long as we continue to follow our customer-centric strategy and innovate. We have made immense strides in improving the banking experience for our customers in the first half. An example is our branch transformation strategy, which is the first initiative of its kind in the region, and we strongly believe it will help to redefine banking in the Middle East. Additionally, our operations are more efficient than ever before, and we have focused on optimizing performance without compromising on our core tenet – the customer experience. We are making rapid strides in our transformation journey with digital being the fulcrum on which we have launched multiple initiatives in both retail banking and corporate banking. We recognize that most transformations of this scale pose significant challenges, but we have managed to maintain strong financial results, thanks to the single-minded focus of our teams to deliver the best results for the bank as well as our customers. Our capital adequacy ratio, Tier 1 capital ratio and liquidity ratios are also significantly higher than the regulatory requirement. Al Ghurair concluded, “The banking landscape in the region is changing at a rapid pace where having a sound digital infrastructure is a pre-requisite for any bank to succeed. Mashreq has been at the forefront of embracing technology and will continue to introduce innovative services and products to meet the ever evolving customer needs”. |
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