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Dubai-listed Mashreq, one of the UAE's largest lenders, will continue to invest in international expansion this year, the bank's CEO said.
The bank is looking to improve investment flows between the UAE and China and formulate an effective Hong Kong/Asia strategy, said Ahmed Abdelaal, Group CEO, in a report to the Dubai Financial Market (DFM) on Monday.
"As we look to securing sustained growth in 2022 and beyond, we will continue to invest in expanding our international footprint," Abdelaal said.
"The bank's corporate strategy will continue to focus on leveraging and widening our digital capabilities and on the integration of [artificial intelligence] and advanced analytics in both front and back-end solutions," he added.
The bank reported significant improvements in its operating income for 2021, supported by a stronger loan portfolio and lower impairments.
Deposits reached 100 billion dirhams ($27.2 billion) for the first time, while loans and advances jumped nearly 14 percent.
Mashreq's corporate and investment banking business saw assets book grow by 10.6 billion dirhams, while the retail banking segment brought in nearly 500 million dirhams in net profit for the year.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
