DUBAI / Emirates Business
Mashreq, one of the leading financial institutions in the UAE, on Wednesday reported its financial results for the first half ending on June 30.
The operating income is up by 3.7% and stands at AED 3.1 billion. Net profit for the first half stood at AED1.2 billion — a 5.2% increase YoY. The impairment allowance is down by 9.6% YoY.
Mashreq’s best-in-class non-interest income to operating income ratio remained high at 40.3%, while insurance, FX & other income is up by 24.2% year-on-year.
The total assets increased by 1.4% in the year to AED127.0 billion whereas loans and advances increased by 7.9% to AED67.7 billion as compared to December 2017.
Mashreq’s CEO, HE AbdulAziz Al Ghurair, said, “Mash-req’s innovation-led transfor- mation strategy implemented in the past year has resulted in a solid set of financial results for the first half of 2018. We recorded a positive year-on-year net profit increase of 5.2% amounting to AED 1.2 billion for H1 2018. Our balance sheet shows healthy liquidity and capitalisation me- trics, well above the required regulatory standards.”