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Mashreq Posts A 5.2% Y-O-Y Growth In Net Profit In The First Half Of 2018
(18 July 2018)
Mashreq, one of the leading financial institutions in the UAE, today has reported its financial results for the first half ending 30th June 2018.
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Mashreq's CEO, H.E. AbdulAziz Al Ghurair, said: “Mashreq’s innovation-led transformation strategy implemented in the past year has resulted in a solid set of financial results for the first half of 2018. We recorded a positive year-on-year net profit increase of 5.2% amounting to AED 1.2 billion for 1H 2018. Our balance sheet shows healthy liquidity and capitalization metrics, well above the required regulatory standards. Our prudent risk management approach has also resulted in our provisions now covering 179.1% of non-performing loans.”
“We have achieved increased operational efficiencies thanks to an agility-based model which adopts new cognitive technologies and cloud services within our back-end systems. We have also integrated bot-based digital workers for transactions translating into a quicker, more seamless and improved customer experience. Having seen this approach become successful within retail banking, we are working on transforming the rest of our business and driving agility within both our Corporate and International Banking divisions.
With the UAE banking sector continuing to grow on the back of improved economic growth in 2018, we are optimistic of a growth rate aligned to the market, and going forward, are focused on achieving this via increased digital capabilities. We are encouraged by the positive response to our digital-only proposition, Mashreq Neo, and will build on our advantage to create a loyal base within this new customer segment.”
Al Ghurair concluded, “Ultimately, Mashreq, at its heart, is a community-first bank, and we are proud to be a recipient of the Gallup Great Workplace Award for the fifth year in a row. We continue to look to our people for inspiration, strength and guidance on how to transform from being a bank to becoming the preferred financial partner of the UAE.”
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