Mashreq posts AED450 million in Q1 net profit

Mashreq today has reported AED450 million in Q1-2020 net profit.

In a statement Thursday, the bank said its operating income during the first quarter of the year stood at AED1.5 billion, a slight decline compared to last year.

The bank reported a significant growth in investment income to AED127 million in Q1 2020 from AED 48 million in Q1 2019.

While total assets grew by 2.0 percent to AED162.6 billion, loans and advances increased by 2.8 percent to AED78.3 billion as compared to December 2019 and customer deposits declined by 2.7 percent to AED88.5 billion as loan-to-deposit ratio remained strong at 88.5 percent, the bank said.

Ahmed Abdelaal, Group CEO at Mashreq Bank said: "These are difficult times for the whole world and despite a tough operating environment, Mashreq continued its positive growth trajectory in 1Q 2020.

"We achieved a respectable AED450 million in net profit for the first quarter of 2020 despite strong headwinds like steep decline in interest rates and impact of the COVID-19 crisis. Our revenue has also remained stable with our loans and advances growing by almost 3% in the first quarter of 2020. It is also worth mentioning that our best-in-class non-interest income to operating income ratio increased to 48.7%, compared to 40.4% over the same period last year. Furthermore, we also continued to show robust liquidity with a liquid assets ratio of 31.8%."

News Source : http://wam.ae/en/details/1395302837244

Coronavirus Online