Mashreq posts 9.4% growth in operating profit in first half

Dubai / Emirates Business

Mashreq, one of the leading financial institutions in the UAE, on Wednesday has reported its financial results for the first half ending June 30, 2016. The bank has posted a net profit for the first of 2016 AED 1.1 billion, which stable compared to the normalized net profit of 1H 2015. Mashreq’s CEO, HE AbdulAziz Al Ghurair, said, “Mashreq’s prudent fiscal policies and continued commitment to its focus on placing its customers at the forefront of all decisions has enabled the bank to return a stable performance for the first half 2016. I’m pleased to report that we achieved a respectable year-on-year increase in operating income of 5.1% for the first half 2016 along with a reduction in net operating expenses by 1.3%, leading to a net profit of AED 1.1 billion.”
“Each of the bank’s business units has faced a variety of challenges this year and each team has risen to those challenges. Some highlights for the first half of the year include the closure of the maiden benchmark sukuk issuance of USD 500 million for Qatar’s Ezdan Holding by the Corporate Finance team in collaboration with their Coverage and TCM partners and the introduction of the groundbreaking Happiness Account- a straightforward account that allows customers to choose the options that best suit their needs.