Mashreq, one of the leading financial institutions in the UAE, has posted a net profit of Dh598 million ($163 million) for the first quarter of the year, reflecting a yea-on-year increase of 9.5 per cent due to a 4 per cent increase in operating income.
Net interest income and net income from Islamic Products is up by 6.7 per cent year-on-year, on the back of a 3.9 per cent loan growth in the first quarter, a statement said.
Mashreq’s CEO Abdul Aziz Al Ghurair said “We are pleased to report strong financial results for Mashreq Bank in the first quarter of 2018. As the economic climate in the UAE continues to improve on the back of stabilizing oil prices, our net profit increased by 9.5 per cent year-on-year driven by a 4 per cent increase in operating income. Our earnings per share remain robust and we continue to maintain a strong liquidity position, as evidenced by our healthy loan-to-deposit ratio of 85 per cent.”
“As customer demand begins to shift, technological innovation emerges as a key focus area for banks in the Middle East. I am proud to say that Mashreq is committed to maintaining its leadership position in digital banking across the region.
“With over 85 per cent of our transactions happening through digital channels already today, we are committed to developing new and innovative products to cater to the ever-evolving requirements of our customers. We will continue to pioneer financial solutions targeted at making the banking experience exceptional to our customers,” he added.
“As we draw closer to EXPO 2020, we are excited to witness a period of accelerated growth in the nation, and we are fully dedicated to supporting Sheikh Mohammed bin Rashid Al Maktoum’s vision for the UAE. Our solid financial performance puts us at the forefront of the banking industry not only locally, but also regionally, and I am confident we will be able capitalize on upcoming opportunities and maintain our momentum for the remainder of 2018,” Al Ghurair concluded. – TradeArabia News Service
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