Al Mashreq's net profit for the first half of 2019 is AED 1.2 billion
Mashreq Bank 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% While the proportion of
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.
Non-performing loan provisions declined by 18.2% year-on-year, liquid assets by 29.2% and 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.
The ratio of non-performing loans to total loans fell slightly to 3.5% at the end of June 2019. Loans and advances totaled AED 4.0 billion, representing 128.0% of non-performing loans.
Mashreq's CEO, Abdulaziz Al Ghurair, said that 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%.
"We have reduced our provisions for non-performing loans and 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 have always positioned us at the forefront of the region's banking industry."
"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."