Dubai – Mubasher: Mashreq Bank's net profits plunged by 56.2% to AED 535.131 million during the first half (H1) of 2020 from AED 1.221 billion in the same half of the earlier year.

The bank's total assets surged by 27% to AED 173.310 billion in H1 of 2020 from AED 136.428 billion in the year-ago period, according to the bank's consolidated interim financial results for the period ended on 30 June 2020.

The earnings per share (EPS) settled at AED 3.01 in the first six months of 2020, compared to AED 6.88 in the corresponding period of 2019.

The Group CEO of Mashreq Bank, Ahmed Abdelaal, commented: "Clearly this unprecedented shock to the economy will not leave banks unaffected, but Mashreq will continue to monitor and manage the evolving risks, and steer the business to mitigate the impact of the crisis."

Meanwhile, the Chairman of the bank, Abdulaziz Al Ghurair, remarked: "During the first half of the year, Covid-19 sent tremors of uncertainty across the global and regional economy, as lockdowns were imposed across most of the world."

It is noteworthy to mention that during the first quarter(Q1) of 2020, the bank's net profits decreased by 28.3% annually to reach AED 450 million, compared to AED 628 million in Q1-19.

Source: Mubasher

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