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DUBAI / Emirates Business
Mashreq, one of the leading financial institutions in the UAE, has reported its financial results for the first quarter ending on March 31, 2018. The net profit of the company increased 9.5% year-on-year to AED 598 million primarily due to a 4% increase in operating income. The net interest income & net income from Islamic products is up 6.7% year-on-year, on the back of a 3.9% loan growth in the first quarter.
The company’s total assets decreased by 1.4% YTD to reach AED 123.4 billion. Customer deposits increased slightly by 0.6% YTD to reach AED 76.5 billion. Loan-to-deposit ratio remained healthy at 85.2% at the end of March 2018.
Mashreq’s CEO, Abdul Aziz Al Ghurair said, “We are pleased to report strong financial results for Mashreq Bank in the first quarter of 2018. As the economic climate in the UAE continues to improve on the back of stabilising oil prices, our net profit increased by 9.5% year-on-year driven by a 4% increase in operating income. Our earnings per share remain robust and we continue to maintain a strong liquidity position, as evidenced by our healthy loan-to-deposit ratio of 85%.†The non- performing loans to gross loans ratio remained relatively steady at 2.9% at the end of March 2018.