Dubai's Mashreq Says 2018 Net Profit Stable At $570m

Mashreq CEO, Abdul Aziz Al Ghurair, says 2018 'was a difficult year' due to market fluctuations

Dubai's Mashreq says 2018 net profit stable at $570m

Mashreq's CEO, Abdul Aziz Al Ghurair.

Mashreq, one of Dubai's largest banks, on Monday said net profits stood at AED2.1 billion ($570 million) for 2018, a 0.4 percent increase on the previous year.

Total assets grew by 11.8 percent to AED139.9 billion while loans and advances increased by 10.4 percent to reach AED69.3 billion.

The bank said customer deposits grew by 9.4 percent in the year to reach AED83.2 billion while its loan-to-deposit ratio remained robust at 83.2 percent at the end of December.

Mashreq said its non-performing loans to gross loans ratio increased slightly to 3.1 percent at the end of December.

Mashreq's CEO, Abdul Aziz Al Ghurair, said: “2018 was a difficult year due to market fluctuations, however we rose to the challenge and managed to sustain our revenues. Much of this can be attributed to the bank’s focus on strategically acquiring good assets and growing the loan portfolio, whilst increasing its funding base.”

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.

RECENT NEWS

UAEs Maseera Acquires Egyptian Fintech ADVA

The move marks a critical milestone in Maseera’s regional expansion strategy Read more

Oman Mandates IBAN For Domestic Transfers From July 2025

The move follows the Oman Central Bank's implementation of the IBAN system for international transfers from March 31, 2... Read more

Egypt And Jordan Thank The European Parliament For New Financial Aid

The European Union members recently approved loans worth $4.4 billion in three instalments to Egypt and $555 million to... Read more

Standard Chartereds SC Ventures To Replicate Asia, Africa SME Model In GCC

SC Ventures to bring its successful SME building strategy in India, South East Asia and Africa to GCC, and plans to rol... Read more

UAE Central Bank Revokes Licence Of Dynamics Insurance Brokers For Regulatory Breaches

Dynamics Insurance Brokers "failed to comply with the licensing terms and requirements issued by the Central Bank and w... Read more

Eid Al Fitr Holidays In The GCC; Dubais 100 Most Influential People; UAE Petrol Prices To Change; Royal Baby Announced – 10 Things You Missed This Week

Eid holidays, the Dubai 100, UAE petrol prices, Royal Baby named, Palm Jebel Ali investments and more top news stories ... Read more