Mashreq records Dh352M 9-month profit
Operating income also dropped by 12.3% to Dh4 billion on the back of tough operating environment and decline in interest rates
Mashreq on Monday said its nine-months net profit declined to Dh352 million while operating income dropped by 12.3 per cent to Dh4 billion on the back of tough operating environment and decline in interest rates.
In a statement, the Dubai-based lender said high proportion of non-interest income was maintained as Mashreq’s non-interest income to operating income ratio remained at 48.1 per cent. Total assets increased by 6.5 per cent to Dh169.7 billion and loans and advances decreased by 2.9 per cent to Dh73.9 billion.
“At Mashreq, we remain fully aligned to support the UAE economy and our communities, as we together pave the way to recovery. We will also continue to look at capitalising on opportunities in the digital and technology space, with the ultimate aim of serving our customers better,” AbdulAziz Al Ghurair, chairman of Mashreq, said.
Ahmed Abdelaal, Group CEO, Mashreq Bank, said: “Our emphasis this year has been on guiding the bank through an exceptionally difficult period by focusing unwaveringly on our customers — businesses, individuals, and SMEs. Despite proactively managing the Bank’s liquidity position and capital adequacy ratio, the continued market volatility and uncertain economic climate has led to a 12 per cent reduction in our operating income which is primarily due to the prevailing environment of low interest rates. We have operated prudently in 2020, bringing operating costs down by 5.5 per cent.”
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