UAE’s Mashreq posts 24.7% dip in net profit for first nine months of 2021

UAE lender Mashreq has reported a net profit of Dhs265m for the first nine months of the year, marking a dip of 24.7 per cent compared to Dhs352m recorded a year earlier.

Its operating income increased 8.2 per cent over the previous year to Dhs4.3bn due to improvements in fees and commission. Meanwhile, the operating profit at Dhs2.4bn increased 14.3 per cent from Dhs2.08bn recorded during an year-earlier period.

The bank recorded growth of 7.4 per cent YTD in customer deposits equalling Dhs94.8bn. Meanwhile, total assets increased by 7 per cent YTD to Dhs169.6bn and loans and advances rose by 7.6 per cent YTD to Dhs77bn.

Mashreq posts AED 265 million Net Profit for 9M 2021
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“المشرق” يسجل صافي أرباح بقيمة 265 مليون درهم في الأشهر التسعة الأولى من عام 2021 pic.twitter.com/7aSOG40Pl5

— Mashreq (@MashreqTweets) November 9, 2021

The non-performing loans to gross loans ratio was at 5.6 per cent as of end of September 2021.

Abdul Aziz Al Ghurair, chairman of Mashreq Bank, said: “Mashreq recorded a net profit of Dhs265m for the period ending September 30, 2021. The UAE national economy has returned to growth, providing new opportunities for Mashreq across all lines of business.

“Despite the bank’s conservative risk strategy, the bank has been able to deliver robust growth and maintain a comfortable liquidity position, providing fiscal headroom to continue to invest in our most vital asset, our people. Skills development and the encouragement of digital innovation are embedded in our corporate strategy and remain critically important as we build market share to benefit our employees, customers and shareholders.”