Al Mashreq net profits reach AED 1.2 billion in 6 months
Mashreqbank announced its financial results for the first half ended June 30, 2019, which showed a net profit of AED 1.2 billion, an increase of 5.2% YoY. The data showed a 18.2% year-on-year reduction in non-performing loan provisions. What percentage
Mashreqbank announced its financial results for the first half ended June 30, 2019, which showed a net profit of AED 1.2 billion, an increase of 5.2% year-on-year.
The data showed a 18.2% decrease in non-performing loan provisions on an annualized basis, with liquid assets accounting for 29.2%. Cash and balances with other banks on 30 June 2019 reached AED 37.1 billion.
Total assets decreased by 2.5% to AED 136.4 billion, while loans and advances grew by 2.1% during the year to AED 70.7 billion. Loans to deposits ratio remained strong at 91.1% at the end of June 2019.
The ratio of non-performing loans to total loans fell slightly to 3.5% at the end of June 2019. Total provisions for loans and advances amounted to AED 4.0 billion, representing 128.0% of non-performing loans.
Mashreq's CEO, Abdul Aziz Al Ghurair, said Mashreq once again managed to record a healthy net profit at the end of the first half of 2019, with an annual increase of 5.2 percent.
"NPLs have fallen, and we have continued to achieve the best rate of interest-free income. This is a sign of our team's continuous drive towards innovation, as well as the development of new strategies and products that will further strengthen our position at the forefront of the banking industry in the region. "
"The Bank's loan-to-deposit ratio remains strong at the end of the second quarter of 2019. I am confident that we will maintain our strong position as long as we continue to pursue our customer-centric strategy and innovation efforts."