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|21 October, 2018

Mashreq Bank net profit hit $462mln in 9 months

Net profit increasing by 5.0%

Mashreq Bank is seen on Sheikh Zayed Road in Dubai.

Mashreq Bank is seen on Sheikh Zayed Road in Dubai.

REUTERS/Steve Crisp

Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the first nine months ending 30th September 2018, with net profit increasing by 5.0% to AED1.7 billion from AED1.6 billion during the same period in 2017 According to a statement by the bank, the operating income is up by 3.6% and stands at AED4.6 billion. Net profit for the first nine months stood at AED1.7 billion - a 5.0% increase YoY.

Abdul Aziz Al Ghurair, Mashreq CEO said, "With a firm focus on fostering innovation in each aspect of our business, Mashreq’s third quarter results are testament to the continuing success of our transformation. We achieved solid growth in our balance sheet with a deposit growth of 8.1% year-to-date, well above market norms. This was complemented by our strong liquidity position with high liquid assets to total assets ratio of 28.4%."

"As one of the most innovative bank in the region, we remain committed to investing in state-of-the-art technology including robotics, artificial intelligence and machine learning, ensuring our customers benefit from a modern, simplified and intuitive banking experience. We have already accomplished several major milestones in transforming both our front and back-end processes, and will continue to showcase our agility and our thirst for disruption in our goal to be the region’s preferred banking partner," added Al Ghurair.

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© Copyright Emirates News Agency (WAM) 2018.